American crypto holders are scared and confused about this year’s new IRS tax rules

Crypto tax platform, Awaken Tax, polled 1,000 crypto holders about a radical shift from self-disclosure to automatic reporting of transactions. What to know : New rules compel crypto exchanges like Coinbase to issue a Form 1099-DA to the IRS this week. The rules are a “blunt instrument,” according to Awaken Tax founder Andrew Duca, created by legislators who know nothing about crypto. The onus falls on the holder of crypto to “patch” what’s missing in terms of their crypto acquisition costs and actual tax basis.