While people who own and sell cryptocurrency have always had to pay taxes on their earnings, a new rule finalized by the US Treasury Department can ensure that they're paying the proper amount on their sales. The new rule will require cryptocurrency platforms like exchanges and payment processors to report their users' transactions to the Internal Revenue Service.
The United States notoriously makes tax filing stressful and expensive thanks to greed, the tax lobby and the idea that basically nothing should be free (fun stuff!). However, there's a little glimmer of hope, as the IRS is making Direct File, its free digital tool announced in late 2023, permanent.
April is just around the corner, so if you're not stressed about filing taxes yet, it's likely coming any day now. Thanks to the lovely (read: horrible) tax lobby and the politicians who take their money, the headache taxes bring is as American as apple pie.