Understanding RevProc 2024-28: New IRS Rules for Cryptocurrency Reporting
In this clip, we answer what is the new Revenue Procedure 2024-28 rules that will affect all United States-based companies reporting cryptocurrency in their books or balance sheets.
These new rules require a switch to connection-based cost-basis methodology from the universal method, starting January 1st, 2025. We'll discuss the importance of these changes, the tight timeline, and the two main options for transitioning to the new reporting standards to ensure compliance with IRS guidelines.
00:00 Introduction to RevProc 2024-28
00:02 Understanding the New Reporting Requirements
00:29 Importance of the New Rules
00:51 Transitioning to Connection-Based Methodology
01:03 Exploring Transition Options
