U.S. crypto exchange Coinbase said new federal tax reporting requirements for digital asset brokers remain complex and difficult to interpret as the industry prepares for broader compliance. The comments come as the Internal Revenue Service begins implementing a reporting framework that will require many crypto platforms to provide standardized transaction data to users and tax authorities.
The reporting system centers on a new document known as Form 1099-DA. Under the rule, brokers must report certain digital asset sales and exchanges by customers. The reporting applies to transactions beginning in 2025, with the first forms expected during the 2026 tax filing season.
Federal officials introduced the rules after Congress passed the Infrastructure Investment and Jobs Act. The law expanded the definition of brokers to include many digital asset trading platforms, requiring them to report transaction data in a way similar to traditional stock brokers.
Read more: coinpaper.com
Source: CRYPTO WORLD NETWORK NEWS
