Garrett L. Brodeur was quoted in an August 25th, 2023 Law360 article titled “IRS Floats First-Ever Broker Rules For Digital Asset Sales.” Treasury and the IRS recently released new proposed rules to govern transactions involving digital assets such as cryptocurrency and nonfungible tokens. Under the new rules, trading platforms, payment processors, wallet providers, and individuals who offer to redeem assets (collectively, “digital asset brokers”), will have to file information returns with the IRS beginning in 2026.
The article includes the following quote from Brodeur:
“The IRS and other tax authorities will need to prepare for the influx of information generated by broker reporting . . . Whether and how authorities need to make material adjustments to best utilize new third-party information will be a topic of intriguing discussion, both within the government and in private circles.”