Study Finds Only 32% to 56% of U.S. Crypto Taxpayers Report Transactions to the IRS

A new study published in the academic journal Review of Accounting Studies found that only 32% to 56% of U.S. taxpayers who hold virtual currencies actually report their transactions to the federal government. According to ChainCatcher, the discrepancy between broker reports and taxpayer filings is expected to become easier for authorities to identify as the IRS requires intermediaries to submit the crypto tax form Form 1099-DA starting in 2025.The form will require reporting gross proceeds in its first year, while the reporting obligation for cost basis will be added in 2026.