The IRS updated a draft version of a form that brokers will use to report certain digital asset transactions, removing elements that cryptocurrency companies viewed as burdensome.
The updated draft of Form 1099-DA, Digital Asset Proceeds From Broker Transactions, is a welcome improvement from an earlier iteration of the form, cryptocurrency tax professionals said.
“The first draft was so overwhelming—hard to read, hard to know what to do with the information,” said Jessalyn Dean, vice president of tax information reporting at crypto tax company Ledgible. “This version is much more readable.”
IRS Commissioner Danny Werfel said the ...
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