The IRS has officially implemented new reporting standards for digital assets to curb tax evasion.

CoinFeed reported on April 15th that, according to FinanceFeeds, the IRS officially entered a new phase of enforcement on April 15th, with mandatory cost basis reporting requirements for digital asset brokers now fully effective for the 2026 tax year. Centralized exchanges, custodial wallet providers, and certain digital asset processors are required to issue Form 1099-DA to the IRS and taxpayers, recording every sale and transaction of digital assets. The IRS stated that this move aims to close a long-standing "compliance gap" and align crypto reporting standards with traditional stocks and bonds. The new rules require brokers to track the "cost basis" of each asset from acquisition to disposal, and taxpayers must be able to verify the specific purchase price and date of each token sold. The Treasury Department has introduced a simplified electronic consent process, allowing brokers to terminate their relationships with clients who refuse to participate in the new reporting framework.