US investors fear additional taxes under new IRS crypto rules

U.S. cryptocurrency investors are facing confusion over new tax rules from the Internal Revenue Service (IRS), CoinDesk reported. According to a survey of 1,000 investors by crypto tax platform Awaken Tax, more than half of respondents fear they will be charged additional taxes by the IRS following the introduction of new transparency regulations. In response, exchanges such as Coinbase have begun issuing reports that help identify original acquisition costs. The outlet added that the responsibility of proving missing acquisition costs and accurately calculating capital gains now falls entirely on the taxpayer, which is expected to place a significant administrative burden on tens of millions of crypto investors in the U.S.