Tag: Form 1099-DA

Navigating tax season can be challenging for businesses, financial institutions and service providers, particularly as reporting obligations continue to expand across digital assets, cross-border...

Tax reporting obligations are tightening again as organisations prepare for another year of regulatory updates, revised IRS forms, and growing expectations around accuracy. Comply Exchange,...

As tax regulation evolves to include digital assets, businesses must shift from reactive to proactive compliance strategies. A key focus has been the expanded scope of Section 6045 and 6045A, which now categorises digital asset trading platforms, wallet providers, and payment processors as brokers. This change subjects them to the same IRS reporting standards as traditional securities, creating new obligations for tax information collection and verification.

On June 28, 2024, the IRS released the much-anticipated final regulations for digital asset brokers, providing detailed guidance for reporting sales and exchanges of digital assets.