Tax,
Securities
Apr. 16, 2025
Trump repeals crypto reporting rule: What it means for IRS tax compliance and privacy
President Trump's repeal of a 2024 rule halts mandatory crypto transaction reporting to the IRS, but crypto remains taxable as property, requiring accurate reporting of gains, losses, and income to avoid penalties.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
The IRS focus on the tax treatment and reporting issues for crypto has grown and become more intense since 2014. The IRS has been forced to confront digital assets and has pursued tax compliance for holders, exchanges and others.
Now, President Donald Trump has taken one step to dial back required reporting by signing H.J. Res. 25. The new law repeals a set of regulations introduced by President Biden in 2024 that required decentralized finance bro...
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