A March report by Coinbase and CoinTracker indicates that 61% of U.S. crypto investors are unaware of new IRS tax reporting rules ahead of the April 15 deadline for the 2025 tax year. The IRS is intensifying its crackdown on crypto tax evasion, with Andrew Duca, founder of Awaken Tax, noting an increase in investigations by the agency's Criminal Investigation division. The report highlights a significant gap in understanding, as 52% of investors fear they may incorrectly file their crypto taxes and face penalties. A key change for the upcoming tax year is the introduction of Form 1099-DA, which mandates brokers to report gross proceeds from digital asset transactions. However, brokers are not required to report the cost basis, leaving investors responsible for accurately calculating their own figures. Duca emphasizes the importance of gathering records from all exchanges and wallets to avoid potential tax issues. Failure to comply can result in severe penalties, including fines up to $100,000 and possible prison time, although voluntary disclosure can mitigate consequences.