US IRS Tax Notices Surge 758%, 1099-DA New Rules Accelerate Cryptocurrency Regulation

CoinLedger co-founder David Kemmerer stated that the number of users receiving letters from the U.S. Internal Revenue Service (IRS) has surged by 758% in the past 60 days. This trend has been confirmed by several accounting firms and may be related to the new 1099-DA regulations that will take effect next year. These regulations require crypto brokers to report users' income and cost basis from digital asset transactions, indicating stricter regulation. Some users have already received CP2000 notices due to incomplete records and must respond within a specified period, or they may face fines and audits. [The Block]