Techub News - The IRS has issued temporary relief measures for cryptocurrency taxation. This temporary relief stems from the application of the FIFO (First In, First Out) accounting principle. According to the final version of the 6045 regulations for custodial brokers, which is expected to take effect on January 1, 2025, FIFO will apply unless HIFO (Highest In, First Out) or Specific Identification (Spec ID) is elected. However, most CeFi brokers will not have the capability to support Spec ID before January 1, 2025, which will force these brokers to use FIFO, thereby increasing their tax burden. The temporary relief will allow taxpayers to continue using their original tax software or personal records for specific identification, meaning that when buying and selling cryptocurrencies through CeFi brokers, they can still use personal tax software for specific identification of tax records. This temporary relief only applies to transactions conducted in CeFi, and is effective from January 1, 2025, to December 31, 2025. Taxpayers must choose their accounting method by January 1, 2026, otherwise FIFO will be the default.