The IRS’s Income Process 2024-28 introduces important modifications to crypto tax reporting, requiring wallet-specific foundation monitoring beginning January 2025. On this TNF Takes episode, Noah Buxton and Nick Ward, CPA, break down what this implies for people and companies. Learn the way this “protected harbor” rule may simplify—or complicate—tax compliance, and get sensible ideas for year-end cleanup to remain audit-ready. Do not miss insights on historic IRS steering, particular identification strategies, and the upcoming 1099-DA types that may change how exchanges report your transactions. Keep forward in crypto tax compliance!
Get forward of the curve with sensible ideas, examples, and knowledgeable insights. Obtain the most recent Degen’s Digest to navigate the crypto tax maze: https://www.thenetworkfirm.com/crypto-tax-concierge
Timestamps:
0:00 – Intro to IRS Income Process 2024-28
1:20 – Why this issues: new protected harbor guidelines
3:11 – How IRS administrative guidelines keep related
5:03 – Key matters coated on this episode
6:34 – Pockets-specific monitoring defined
7:40 – Actual-world instance of pockets accounting
8:38 – Background: IRS crypto tax guidelines from 2014-2019
12:40 – Dealer-dealer rules and 1099-DA reporting
18:46 – Defining key phrases: protected harbor, unused foundation, FIFO
26:11 – Sensible steps: reconciliation and pockets cleanup
30:45 – 12 months-end methods for decreasing tax liabilities
#CryptoTax #IRS #BlockchainCompliance #CryptoInvesting #CryptoTips
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