Part 8/9:
- Remember, taxpayers are liable for ensuring the accuracy of their tax filings, regardless of what forms are issued.
Looking Ahead
The IRS expects the full enforcement of the new reporting rule to likely occur late in 2024, affecting the 2024 tax year and applicable during the 2025 filing season. This delay provides a crucial window for taxpayers to prepare and adapt to the upcoming changes.
In the meantime, the best approach is to stay prepared, understand your transaction patterns, and keep clear records to ease the transition when the rules finally take full effect.