IRS inspector general says that crypto exchanges need more clarity on tax reporting

Quick Take

  • A report from the Treasury Inspector General for Tax Administration shows crypto exchanges are taking different approaches to tax compliance.
  • According to the report, this is because the IRS needs to issue additional clarifying guidance, including a possible move to Form 1099-B required filing for exchanges.
  • The IRS responded in the report by saying it is currently working with the Treasury on that clarifying guidance.
A report from the Treasury Inspector General for Tax Administration (TIGTA) indicates that crypto exchanges are interpreting existing guidance inconsistently from one another — and there soon may be clarity on whether they need to issue two more forms to their users.

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