Most unclear and problematic boxes removed from draft Form 1099-DA
On April 18, 2024, the IRS unveiled a draft of Form 1099-DA aimed at calculating taxable gains or losses from brokered digital asset transactions. This form includes token codes and fields for wallet addresses, essential for reporting to both taxpayers and the IRS.
The crypto community was uncertain about how the IRS will identify brokers subject to these regulations, especially concerning different types of activities like kiosks, payment processors and wallet providers.Michael Saylor Issues 'Bitcoin Future' Tweet as BTC Holds at $60,000The U.S. tax experts have also highlighted vocal the lack of clarity in current tax regulation. For instance, the proposed regulation § 1.
It also excludes persons solely engaged in providing distributed ledger validation services, like proof of work or proof of stake, without offering other functions or services.The updated draft of Form 1099-DA, Digital Asset Proceeds From Broker Transactions, is an improvement of the earlier iteration of the draft. Namely, it is no longer required to fill in sections with wallet number, transaction ID as well as the time of transaction.
Additionally, it no longer asks filers to identify the type of broker they are, such as"kiosk operator" or"digital asset payment processor." The IRS also announced plans to provide rules for decentralized and non-custodial brokers in a different set of regulations later this year.Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on crypto. Covering a broad spectrum of topics, from fintech startups to AI, he provides an in-depth overview of the current state of the crypto market, along with insights into its potential for future disruption.
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