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BTCC / BTCC Square / Global Cryptocurrency /
Crypto Tax Audits Incoming? IRS Letters Signal Start of 1099-DA Enforcement

Crypto Tax Audits Incoming? IRS Letters Signal Start of 1099-DA Enforcement

Author:
Global Cryptocurrency
Published:
2025-06-26 12:27:02
11
2
BTCCSquare news:

The Internal Revenue Service has escalated its scrutiny of cryptocurrency investors, dispatching a wave of warning letters ahead of the 2026 implementation of Form 1099-DA. David Kemmerer of CoinLedger reports widespread anxiety among retail traders attempting to navigate unclear reporting requirements.

Blockchain surveillance capabilities now enable the IRS to cross-reference taxpayer filings with on-chain data and exchange records. "This enforcement push will intensify," Kemmerer warns, noting the agency's growing sophistication in tracking digital asset transactions.

|Square

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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