The IRS announced in Announcement 2023-2[1] that the agency will not require reporting on digital assets by brokers as required by the Infrastructure Investment and Jobs Act until regulations are issued implementing Section 80603 of the Act modifying IRC §§6045 and 6045A.

The IRS and Treasury plan to issue proposed regulations to implement these provisions and obtain comments from interested parties before the regulations are issued:

The Department of the Treasury (Treasury Department) and the IRS intend to implement section 80603 of the Infrastructure Act by publishing regulations specifically addressing the application of sections 6045 and 6045A to digital assets and providing forms and instructions for broker reporting. A notice of proposed rulemaking will be published that sets forth proposed regulatory text, explains the proposed rules, solicits public comments, and announces a public hearing. This process will allow the Treasury Department and the IRS to accept comments from affected taxpayers, industries, and other interested parties and enable the public to meaningfully participate in the regulatory process. After careful consideration of all public comments received and all testimony at the public hearing, final regulations will be published.[2]

Until those regulations are issued, the following relief applies:

Until the Treasury Department and the IRS issue new final regulations pursuant to section 80603 under section 6045, a broker may report gross proceeds and basis as required under existing law and regulations as of December 23, 2022. In addition, until the Treasury Department and the IRS issue new final regulations pursuant to section 80603 under section 6045A, a broker may furnish statements on transfers of covered securities as required under existing law and regulations as of December 23, 2022. Brokers will not be required to report or furnish additional information with respect to dispositions of digital assets under section 6045, or issue additional statements under section 6045A, or file any returns with the IRS on transfers of digital assets under section 6045A(d) until those new final regulations under sections 6045 and 6045A are issued.[3]

[1] Announcement 2023-2, December 23, 2022

[2] Announcement 2023-2, December 23, 2022

[3] Announcement 2023-2, December 23, 2022