"Enterprises will only embrace blockchain technology when there is absolute regulatory clarity."a transaction number should be reported, along with which assets were transferred.
This suggests that every transaction conducted by a broker should be reported to the IRS. That's going to mean hundreds of millions of transactions reported to the agency.Then there's the question of what kindwith the idea that providers of what governments call "unhosted wallet providers" should be included as brokers.that allows people to easily control their own cryptocurrency themselves.
Presumably, users of such software are already reporting their transactions under existing guidance from the IRS."This may indicate that Treasury is not backing down from its expansive scope definition of 'broker,'" Tony Tuths, the principal on digital assets at KPMG noted in a statement.This is just a draft form. When the form is final, accounting professionals can start getting it into their compliance workflows.