Digital assets and virtual currency tax guidance and resources

The AICPA Virtual Currency and Digital Assets Tax Task Force is currently monitoring and/or preparing comments.

Comment letters

• Guidance for taxpayers to allocate basis in digital assets to wallets or accounts as of Jan. 1, 2025 [Revenue Procedure 2024-28], Oct. 14, 2024

• AICPA additional comments on the proposed Section 6045 regulations on gross proceeds and basis reporting by brokers and determination of amount realized and basis for digital asset transactions, March 4, 2024

• AICPA comments on the proposed Section 6045 regulations on gross proceeds and basis reporting by brokers and determination of amount realized and basis for digital asset transactions, Nov. 8, 2023

• AICPA comments in response to the July 11, 2023, Senate Finance Committee letter on taxation of digital assets, Sept. 8, 2023

• AICPA comments on the IRS Draft 2023 Forms 1040, 1065, 1120, and 1120-S Digital Asset Question, July 28, 2023

• AICPA comments on Non-Fungible Tokens – Notice 2023-27, June 16, 2023

• AICPA comments on tax treatment of losses of digital assets, April 14, 2023

For more earlier comment letters, see Tax Advocacy.

Crypto Loss Tax Reporting: Fact or Fiction
With the prevalence of recent virtual currency exchange bankruptcies and digital asset volatility, taxpayers may have misconceptions on reporting tax losses.

Questionnaire for Individual Clients — Digital Asset Activities
Before accepting clients that are engaged in digital asset activities, there are certain questions CPA practitioners should have answers to.

State guidance on taxation and reporting of digital assets
State guidance on digital assets following the Federal guidance in Rev. Rul. 2019-24 and FAQs which supplanted Notice 2014-21.

Blockchain Universal Glossary
Glossary of terms used in the blockchain and digital asset ecosystem.

Expert insights on the future of tax reporting for digital assets | Tax Section Odyssey
On this episode of the Tax Section Odyssey podcast, Nik Fahrer, CPA, Director and Digital Assets Practice Leader at Forvis Mazars, and Shehan Chandrasekera, CPA, Head of Tax Strategy at CoinTracker, delve into the complexities of digital asset tax reporting.

Demystifying IRS guidance on digital assets | Tax Section Odyssey
Digital asset expert Kirk Phillips, CPA, CMA, CFE, CPB, Managing Director — Global Crypto Advisors, discusses IRS Rev. Proc. 2024-28, outlining the transition from universal basis tracking for digital assets, with a safe harbor deadline of Jan. 1, 2025.

Digital asset playbook: Part 3 – Reporting requirements | Tax Section Odyssey
Many questions remain on the information reporting requirements for digital assts. Learn more about the latest updates in this space. Note, earn CPE credit for parts 1, 2 and 3 through the Digital Asset Playbook.

Digital asset playbook: Part 2 – The loss ledger | Tax Section Odyssey
Delve into the treatment of digital asset losses for tax purposes in part 2 of the Digital Asset Playbook series. Note, earn CPE credit for parts 1, 2 and 3 through the Digital Asset Playbook.

Digital asset playbook: Part 1 — Questions and misconceptions | Tax Section Odyssey
Compliance in the digital asset tax space can be a challenge. Learn more about how to ask the right questions. Note, earn CPE credit for parts 1, 2 and 3 through the Digital Asset Playbook.

Questions to ask clients about digital asset activities | Tax Section Odyssey
Digital asset activities are an ever-increasing space for many clients. Learn about how to vet potential clients for service offerings at your firm.

View more podcast episodes from the Tax Section Odyssey.

Strengthening American Leadership In Digital Financial Technology, Presidential Working Group (Working Group), July 2025

Global expansion of e-invoicing and digital reporting obligations for nonresidents, The Tax Adviser, June 30, 2025

IRS provides additional transitional relief for certain digital asset brokers, The Tax Adviser, June 13, 2025

Treatment of digital assets transferred to employees, The Tax Adviser, Jan. 9, 2025

AICPA tax policy and advocacy successes: 2024 highlights, The Tax Adviser, Jan. 9, 2025

Alternative methods allowed for identification of digital assets, The Tax Adviser, Jan. 3, 2025

Universal accounting for digital assets concludes, but safe harbor available, The Tax Adviser, October 29, 2024

IRS releases updated draft of Form 1099-DA for digital assets, The Tax Adviser, August 13, 2024

Bitcoin ETFs: The known and unknown, The Tax Adviser, August 1, 2024

IRS issues final regs. on reporting requirements for digital assets, The Tax Adviser, July 1, 2024

Draft of Form 1099-DA for reporting digital asset transactions released, The Tax Adviser, April 23, 2024

AICPA tax advocacy on digital assets, The Tax Adviser, Jan. 1, 2024

View all digital asset and virtual currency tax news.

IRS Digital Assets
Resources and guidance provided by the IRS on digital assets.

IRS Revenue Procedure 2024-28
Provides a safe harbor for taxpayers to allocate unused basis of digital assets.

IRS Announcement 2024-4
Treasury and IRS announce that businesses do not have to report certain transactions involving digital assets until regulations are issued.

Final regulations under Sec. 6045
Address reporting requirements for brokers regarding sales or exchanges of digital assets.

Rev. Rul. 2019-24: Tax treatment of transactions involving cryptocurrency
Guidance on the treatment of a hard fork of a virtual currency

Notice 2014-21, 2014-16 I.R.B. 938
Describes how existing general tax principles apply to transactions using virtual currency; it provides guidance in the form of FAQs (modified by Notice 2023-34)