A study published in Review of Accounting Studies estimates that only 32% to 56% of U.S. taxpayers holding cryptocurrency report their transactions to the federal government. The IRS will require brokers to file Form 1099-DA for 2025 transactions, but the first year will report gross proceeds only, leaving investors responsible for maintaining centralized records to calculate taxable results accurately. Starting in 2026, the reporting requirement will also include cost basis, giving authorities a clearer way to compare what intermediaries report with what taxpayers declare. Tax professionals say the new disclosure framework should improve the agency's visibility into digital-asset activity even though crypto tax reporting remains more complex than for stocks and bonds.