Got Crypto? The IRS Really Wants to Know

The IRS remains focused on cryptocurrency and tax enforcement around other digital assets.

Cryptocurrency with a question mark on it
(Image credit: Getty Images)

The recent crypto crash understandably had some investors concerned. But for those who haven’t run for the hills, it’s worth knowing that cryptocurrency currently has the attention of the Biden administration, Congress, and the IRS. In terms of crypto news and taxes, the IRS proposed changes to the cryptocurrency tax reporting question on Form 1040. The agency now will also get a little less than $80 billion from the Inflation Reduction Act, but some of those funds will likely be directed to digital asset enforcement — including cryptocurrency tax compliance.

Additionally, you may have heard that the IRS continues to successfully obtain court orders to require cryptocurrency brokers and exchanges to provide information to the IRS. That information concerns investors who failed to report and pay taxes on cryptocurrency transactions.

And while this IRS enforcement focus isn’t new, recent crypto announcements and developments from Congress, the Biden administration, and the IRS mean that it’s important to stay up-to-date on crypto tax reporting and compliance. So, here’s some information to get you started.

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Kelley R. Taylor
Senior Tax Editor,

As the senior tax editor at, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.