IRS Crypto Leaders Resign Amid Tax Reporting Changes

The resignations of key IRS crypto policy leaders ahead of a crucial digital asset tax reporting update have created uncertainty for businesses and traders preparing for 2025 compliance. Former heads of the department, Wilks and Mukherjee, played a vital role in developing the 1099-DA standard for digital asset reporting set to be implemented in 2025. Their sudden departure has left a leadership vacuum at a crucial juncture for the rollout. This leaves market participants, including brokers and exchanges, in a precarious position as they adapt to the new compliance framework.