Tag: Legible

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.

Collecting accurate tax documentation—especially taxpayer identification numbers (TINs) via Forms W-8 or W-9—is one of the biggest compliance challenges financial institutions and digital platforms...