The Treasury Department published a nearly 300-page proposed rule on Friday in response to the 2021 Infrastructure Investment and Jobs Act saying centralized crypto exchanges, payment processors, some hosted wallet providers, some decentralized exchanges and people or entities that redeem crypto tokens they created will be bound to those reporting obligations. Moreover, Treasury unveiled a new custom tax form – the 1099-DA – that these brokers can file, resolving longstanding confusion over whether different versions of the U.S. tax form make the most sense for taxpayers.

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Author: Jesse Hamilton, Nikhilesh De

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