What to expect from new IRS guidance on crypto tax reporting

Gordon Law managing attorney and CPA Andrew Gordon joins Wealth! to give insight into the new IRS tax guidance for crypto investors.

The new rules will soon shift the burden of reporting crypto activity, trades and cost bases for tax purposes from crypto investors. If you're a crypto investor, you need to get data from a variety of different sources, you need to piece it together and report your gains or losses. So, although the tax form is coming into effect for 2025 you should be doing things right away, you should be doing things.

Now is the time to get into compliance, talk to a tax professional and get your records in order, assess, filing an amended return or even if not doing that, have your cost basis information ready so that as you file future years and as the IRS gets all this information, uh that you can report fully and consistently and just lastly while we have you, what should people know about what the brokers will be responsible...

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