According to BlockBeats, on January 2, the IRS has postponed the implementation of cryptocurrency tax reporting rules to December 31, 2025, to give brokers more time to adapt to different accounting methods in the face of legal and regulatory challenges.
BlockBeats reported yesterday that the IRS (Internal Revenue Service) has issued a temporary relief measure, expected to benefit cryptocurrency holders on centralized finance (CEFI) trading platforms by 2025. This regulation will take effect on January 1, 2025, requiring the use of the first-in, first-out (FIFO) accounting method for cryptocurrency assets, unless preferred methods such as highest-in, first-out (HIFO) or Spec ID are chosen.