Study: US Taxpayer Virtual Currency Reporting Rate Only 32% to 56%, IRS New Rule 1099-DA Accelerates Compliance Tightening

TechFlow News, August 10, according to US CNBC, the latest study published in the academic journal "Review of Accounting Studies" shows that among US taxpayers holding virtual currency, the proportion actually reporting transactions to the federal government is only 32% to 56%.

With the IRS mandating intermediaries to submit the virtual currency tax form "Form 1099-DA" starting from 2025, discrepancies between business reports and taxpayer filings will be more easily identified by authorities. In the initial year, only gross proceeds need to be reported; the reporting obligation for Cost Basis (Cost Basis) will be formally included starting from 2026.