IRS delays crypto tax rules until late 2025
Foresight News reported that according to CryptoSlate, the Internal Revenue Service (IRS) in the United States will delay the implementation of cryptocurrency tax reporting rules until the end of 2025. The rule stipulates that CEXs must use the first-in-first-out (FIFO) accounting method by default when calculating capital gains. The FIFO method typically assumes that the oldest assets are sold first, often resulting in higher taxable gains during market upswings. This delay in implementation will increase the tax burden for cryptocurrency investors.
