These proposed regulations would remove the prohibition in the current regulation under section 6311(d)(2) that prevents the IRS from paying a fee under a contract that allows the receipt of credit card or debit card payments from a taxpayer. The proposed regulations would also remove the prohibition on charging the taxpayer a fee for paying taxes by credit or debit card. The proposed regulations reflect amendments to section 6311 made in the Taxpayer First Act. The proposed regulation would not require the IRS to change its current procedure of using third parties to process credit and debit card tax payments.

This revenue procedure provides specifications for the private printing of red-ink substitutes for the 2024 Forms W-2 and W-3. This revenue procedure will be produced as the next revision of Publication 1141. Rev. Proc. 2023-25 is superseded.

NOTE. This revenue procedure will be reproduced as the next revision of IRS Publication 1141, General Rules and Specifications for Substitute Forms W-2 and W-3.

26 CFR 601.602: Tax forms and instructions. (Also Part I, Sections 6041, 6051, 6071, 6081, 6091; 1.6041-1, 1.6041-2, 31.6051-1, 31.6051-2, 31.6071(a)-1, 31.6081(a)-1, 31.6091-1.)

The regulations require information reporting by brokers for certain digital asset sales and exchanges. They apply to brokers who take possession of the assets involved in these sales and exchanges, including custodial digital asset exchanges, certain hosted wallet providers, certain processors of digital asset payments, and digital asset kiosks, which are sometimes known as digital asset ATM machines. Brokers covered by these final regulations will be required to file new Form 1099-DA and furnish payee statements reporting the gross proceeds of transactions occurring on or after January 1, 2025. Certain brokers will be required to report basis on Forms 1099-DA for transactions occurring on or after January 1, 2026. Basis reporting is required only if the customer acquired the digital asset being sold or exchanged from the same broker on or after January 1, 2026. Real estate reporting persons, who were already required to file information returns under the existing section 6045 regulations, will now also be required to report dispositions of digital assets as all or part of the purchase price of real property, beginning with transactions occurring on or after January 1, 2026. In addition to the broker reporting rules, these regulations also establish rules for calculating the value and basis of digital assets.

26 CFR 1.6045-1 Returns of information of brokers and barter exchanges

These proposed regulations under sections 3111, 3131, 3132, 3134 and 3221 of the Internal Revenue Code authorize the assessment and collection of any overpayment interest paid to a taxpayer on an erroneous refund of the employment tax credits provided under the Families First Coronavirus Response Act, the Coronavirus Aid, Relief, and Economic Security Act, and the American Rescue Plan Act of 2021. This allows the IRS to efficiently recover any overpayment interest on erroneous refunds while preserving administrative protections for taxpayers.

Subject to certain requirements, this Revenue Procedure generally permits taxpayers to rely on any reasonable allocation of units unattached basis to a digital asset wallet or account that holds the same number of remaining digital asset units based on the taxpayer’s records of such unattached basis and remaining units. The allocation must be a reasonable allocation as defined in section 5.02 of this Revenue Procedure and must be made as of January 1, 2025. However, the taxpayer may identify the method of allocation and may comply with the requirements set forth in section 4.02 of this Revenue Procedure at a later date to the extent permitted by section 5.02(4) or 5.02(5) of this Revenue Procedure.

26 CFR 1.1012: GUIDANCE FOR TAXPAYERS TO ALLOCATE BASIS IN DIGITAL ASSETS TO WALLETS OR ACCOUNTS AS OF JANUARY 1, 2025

(Also: Part I, §§ 1012, 6045, 1.1012-1, 1.6045-1)