The Internal Revenue Service (IRS) has <a href="https://www.irs.gov/draft-tax-forms" target="_blank" rel="noopener" data-wpel-link="external">introduced</a> a new version of Form 1099-DA that reinforces the reporting standards on digital asset transactions. The new 2026 layout which brokers are mandated to use requires an account for a variety of financial activities, such as the purchase and sale of cryptocurrency, non-fungible tokens (NFTs), and stablecoins. 
The roadmap specifies several broker groups such as kiosk operators, digital payment processors, hosted wallet providers, and non-hosted wallet operators. The brokers will have to document their transactions on Form 1099-DA by submitting copies to the IRS and their customers. This will improve verification and compliance. 
Different stakeholders given to the prescribed rules show both approval and opposition. Some people talk about issues with too much authority and supervision. Others highlight problems with reporting transactions to decentralized finance and figuring out the cost basis. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
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IRS Introduces Form 1099-DA for Digital Asset Reporting

The Crypto Times

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