The IRS has released a draft of the new Form 1099-DA, the first tax form specifically designed for cryptocurrencies, aimed at reporting digital asset transactions from brokers, set to be implemented in 2025. This form is part of efforts to integrate cryptocurrency transactions into the standardized financial reporting and taxation frameworks. The draft has sparked concerns within the digital assets community, particularly regarding the categorization of 'unhosted wallet providers' as 'brokers', which could impose significant reporting burdens on DeFi developers and potentially end the pseudonymity traditionally associated with crypto transactions. Experts have raised major privacy and security concerns over this new requirement.
Will the IRS kill pseudonymity in crypto trading in the United States? A draft form requiring self-custody wallet addresses is raising the alarm across the industry. Click to read: https://t.co/7cs6LSXm6i
IRS Set to Kill Pseudonymity in Crypto? Tax Form Proposal Raises Alarms ► https://t.co/P8e0JBEyfg https://t.co/P8e0JBEyfg
The IRS has offered a glimpse of the future of crypto reporting. https://t.co/KFGp2cyDGs
The IRS just rolled out Form 1099-DA, the inaugural tax form for cryptocurrencies. Categorizing “unhosted wallet providers” as “brokers” seems to overlook industry concerns (including our comment letter), potentially burdening DeFi developers with tax reporting duties rather… https://t.co/nwY6YTszbk https://t.co/iQGwlGpDR5
IRS DRAFTS FORM FOR CRYPTO TRANSACTION REPORTING In an effort to integrate crypto transactions into standardized financial reporting and taxation frameworks, the IRS has introduced a draft form 1099-DA for reporting digital asset transactions, which will require brokers to… https://t.co/f0iqlydx05
The U.S. #IRS has released a draft tax Form 1099-DA for reporting #digitalasset proceeds from broker transactions. https://t.co/lWBOAoWRpF
#IRS Releases Draft #Tax Form for #DigitalAssets — Expert Raises 'Major Privacy and Security Concerns' https://t.co/lWBOAoWRpF
I’m sorry, but as I read the new IRS forms, every receiver wallet of Bitcoin is now treated as a ‘broker’ by the US Treasury and must report sender wallet information to the IRS. Just like 1099 forms. Doesn’t matter if you’re an ‘exchange’ or not. https://t.co/jMTcfzOC1a https://t.co/nvyJAR8iuL
Crypto: We want regulatory clarity! Regulatory clarity! IRS: Ok here! Crypto: WAIT NOT LIKE THIS! https://t.co/FOXmyt5NIs
The U.S. IRS hasn't finished its crypto rule, yet, but here's what your tax form might look like next year. https://t.co/o9r2dbPLnu
New IRS form just dropped - 1099-DA (draft for 2025) The US government is going after DeFi They are trying to label self custody wallets as “brokers”, in addition to trying to force DeFi apps to KYC This makes no sense. It would be easier for them to monitor the off-ramps vs… https://t.co/mf4Z04wLnV
The IRS is seeking comment on a draft form for 2025, 1099-DA, to report "digital asset proceeds from broker transactions," causing the digital assets industry to raise eyebrows. https://t.co/sVmZh0PUZg
IRS releases draft form to report certain crypto transactions https://t.co/GJQInKjdQy
Breaking news: The IRS have issued the first draft of their crypto reporting form, Form 1099-DA, Digital Asset Proceeds From Broker Transactions. Here are my initial thoughts with regards to this draft: 🧵 1/ https://t.co/hFe4e6pQqn
I don't think crypto will be pseudo-anonymous or privacy-preserving anymore, at least in the US. Yesterday, the IRS issued the long-awaited draft Form 1099-DA, the first tax form specifically designed to collect your ID and detailed transaction data at scale from "brokers".… https://t.co/H4aTtm5fp9
The IRS released a draft Form 1099-DA for reporting "Digital Asset Proceeds from Broker Transactions": https://t.co/NSSu8prl4X As a refresher, this is the form that "brokers" will start using in 2025 to report digital asset transactions to customers. This is a draft form…
Bullish news on US regulatory acceptance of crypto as the #IRS unveils new tax form 1099-DA your broker may send you in 2025 to report your digital asset taxes. https://t.co/eyYxKyUcwJ https://t.co/X93KeLSXaN
The IRS's "broker rule" hasn't been finalized, but it looks like Treasury is really going to take the position that "unhosted wallet providers" are "brokers" 🤦♂️🤦♂️ IRS released draft 1099 form for digital asset "brokers": https://t.co/wH2IVWZ2gX https://t.co/6oVNNmwPXO
The inclusion of "unhosted wallet provider" in today's draft broker form indicates that the IRS is not heeding our warnings from last fall (when the broker NPRM was open for comment). Continuing down this road will lead to tax policies that are contradictory to the statute passed… https://t.co/IyQ1Tryn8V https://t.co/7biKN7rPEY
The U.S. IRS hasn't finished its crypto rule, yet, but here's what your tax form might look like next year. @jesseahamilton reports https://t.co/VlC9HfblCR
This is HUGE: The IRS just released the first draft of Form 1099-DA, the first tax form designed specifically for crypto. Stay tuned for updates! https://t.co/Nh5ugHxJho