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What’s New in the IRS Crypto Draft?
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Subscribe14 AUG 2024 / IRS UPDATES
The Internal Revenue Service (IRS) has released a draft of Form 1099-DA, which will be used by brokerage firms to report transactions involving digital assets beginning in 2025. The move is aimed at preventing these assets from being used to hide taxable income and help taxpayers accurately report their earnings, prompting reactions from key industry players regarding data privacy, compliance burden, stablecoin and NFT reporting, and the need for clarity.
With the buzz around cryptos and NFTs dominating discussions, the IRS has stepped in with a major update: the first draft of Form 1099-DA. Beginning January 1, 2025, brokerage firms will be required to use this form to report transactions involving the sa...
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