New IRS Regulations on Digital Asset Transactions: Broker Reporting Aspects

New IRS Regulations on Digital Asset Transactions: Broker Reporting Aspects
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About this program

This OnDemand CLE program earns 1.75 hours of General credit in California. It aired July 23, 2024 and features Philipp Behrendt.

The regulations require brokers to file information returns and furnish payee statements that report gross proceeds and adjusted basis for digital asset transactions. They also mandate that real estate reporting persons file information returns and furnish payee statements for real estate purchasers using digital assets to acquire property. These rules are crucial for attorneys advising clients on the accurate reporting and compliance of digital asset transactions.

To provide a comprehensive understanding of these regulations, the Beverly Hills Bar Association is hosting two panels on July 23 and July 25, both at 10 AM PST. The first panel will focus on the broker reporting requirements, while the second panel will examine the broader implications, including the computation of gross proceeds and basis for digital asset transactions.

The first panel will guide attorneys on broker reporting requirements, covering obligations like filing information returns, payee statements, and compliance timelines. The second panel will address the broader implications, including the computation of gross proceeds and basis, and how new reporting requirements affect these metrics. Attorneys will gain crucial insights for advising clients on these regulatory changes.

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