A study published in March in the academic journal Review of Accounting Studies estimates that only 32% to 56% of cryptocurrency holders in the United States reported their transactions to the federal government. The finding points to a large gap in crypto tax compliance in the US. The report comes as the Internal Revenue Service moves toward tighter reporting rules for digital assets. Starting with the 2025 tax year, the IRS requires brokers to send investors Form 1099-DA, which will list gross proceeds from digital asset transactions. Accountants cited in the report said tax calculations tied to digital asset trading have long been difficult to determine and are often more complicated than taxes on traditional financial assets such as stocks and bonds.
Odaily reported that a study published in March in the academic journal Review of Accounting Studies estimates that only 32% to 56% of US cryptocurrency holders reported their transactions to the federal government.
The Internal Revenue Service requires brokers to send investors Form 1099-DA starting with the 2025 tax year, listing gross proceeds from their digital asset transactions.
Accountants said taxes tied to digital asset trading have long been complex to determine and are often harder to calculate than taxes on traditional financial assets such as stocks and bonds.
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