IRS Implements New Digital Asset Reporting Standards to Curb Tax Evasion

According to FinanceFeeds, the U.S. Internal Revenue Service (IRS) will formally implement mandatory cost-basis reporting rules for digital asset brokers on April 15, 2026—applicable to centralized exchanges, custodial wallet providers, and certain digital asset processing entities. Under the new rule, covered entities must submit Form 1099-DA to both the IRS and taxpayers, documenting sales and exchanges of digital assets. The report states that the IRS aims to narrow underreporting gaps in digital asset capital gains and align cryptocurrency tax reporting standards with those for traditional securities. For investors, this means maintaining more accurate records going forward—including acquisition cost, acquisition date, and on-chain transaction history—for each token held.