Coin

<ul class="wp-block-list news-points"> 
 <li>IRS updates Form 1099-DA draft, easing reporting for digital assets starting in 2025.</li> 
 <li>The new draft removes wallet address transaction IDs to enhance privacy and simplify reporting.</li> 
 <li>A 30-day comment period opens for public input on the updated draft to modify the final version.</li> 
</ul> 
The Internal Revenue Service (IRS) has released an <a href="https://www.irs.gov/newsroom/irs-updates-draft-version-of-form-1099-da-digital-asset-proceeds-from-broker-transactions-requests-comments-on-form-planned-for-2025" target="_blank" rel="nofollow">updated draft</a> of Form 1099-DA, a key development for brokers reporting the sale and exchange of digital assets starting in 2025. This early release invites comments and feedback to refine the form before it is officially implemented. 
IRS Commissioner Danny Werfel emphasized that the new <a href="https://www.irs.gov/pub/irs-dft/f1099da--dft.pdf" target="_blank" rel="nofollow">Form 1099-DA</a> enhances transparency and compliance within the digital asset space. Werfel stated that: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “This new form will provide more clarity for taxpayers and give them another tool to help them accurately report their digital assets transactions,” 
</blockquote> 
Werfel also highlighted the role of third-party reporting in improving adherence to tax laws and preventing tax evasion, mainly in high-income categories. Significant changes have been made in the draft form to simplify reporting and reduce the risk of privacy breaches. Notably, the requirement to …
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IRS’s New Crypto Tax Form: Less Privacy Concerns, More Clarity

Coin Edition

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