Digital asset tax and accounting platform Taxbit has introduced comprehensive support for the 1099-DA form, facilitating compliance with the newly released U.S. Treasury Department and IRS digital asset broker regulations that are slated to go into effect for the 2025 tax year.
Form 1099-DA, Digital Asset Proceeds From Broker Transactions, provides guidance on the data elements brokers must submit to the IRS, aligning with the finalized regulations for custodial digital asset brokers, and enabling them to prepare for compliance.
“Taxbit has been at the forefront of digital asset reporting since its founding in 2018, seamlessly integrating with top cryptocurrency exchanges such as Gemini and Uphold to manage their information reporting needs and software partner to the IRS,” the company said in an Aug. 27 media release. “As the industry transitions to 1099-DA reporting, Taxbit will ensure a smooth and efficient process for digital asset brokers. Its scalable platform is designed to adapt to the evolving complexities of digital asset reporting, including the U.S. 1099-DA requirements.”
Taxbit CEO Lindsey Argalas said in a statement, “We were founded to solve the complexity of crypto taxes. Our platform combines the expertise of industry-leading tax professionals with cutting-edge technology. Having filed over 100 million forms, we are adept at managing the intricate demands of digital asset taxation. As global regulatory frameworks evolve, including forthcoming regimes in Europe like DAC8, Taxbit empowers brokers to adapt to these changes with confidence quickly, in markets around the world.”
For more information on Taxbit’s 1099-DA support, visit https://taxbit.com/taxbit-dashboard/.
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Tags: Digital Currency, Income Tax, IRS, Taxes, Technology
