IRS regulates Digital Assets sales,
Beginning of wallet-by-wallet tax accounting | Whitepaper by Crypto Backoffice

This whitepaper covers an in-depth analysis of IRS Revenue Procedure 2024-28 for digital asset reporting.
It covers aspects such as applicability of regulations and how taxpayers should act before January 1, 2025.

IRS regulates Digital Assets sales, Beginning of wallet-by-wallet tax accounting.



This applies to you if you are associated with digital assets in below capacities:



  • Owner
  • Fund Manager
  • Auditor/CPA/Tax Preparer
  • Fund administrator/service provider
  • Wallet Custodian

This could impact:



  • Profit/(Loss) computations from digital assets sales
  • Taxes

Before 1/1/2025, you need to:



  • Determine and identify the cost of all your digital assets holdings.
  • Allocate the cost of your unsold digital assets holdings to existing units held under custody of different wallets.
  • Assess if your current digital asset accounting software and tax reporting process can manage the new wallet-by-wallet tax accounting.