Bitcoin

The U.S. Internal Revenue Service (IRS) has introduced an updated draft of the tax form known as 1099-DA, which will be used by crypto brokers and investors to report income from certain transactions.
The revised form is scheduled to come into effect in 2026.
Currently, cryptocurrency investors who use intermediaries, primarily centralized exchanges like Coinbase and Kraken, will receive a 1099-DA to report taxable crypto sales and exchanges to the IRS. The latest version of the form, announced Friday, represents a significant improvement from the initial draft released in April.
Notably, the new draft addresses privacy concerns raised in the initial proposal by removing previously included sections for investors to enter their wallet addresses and transaction IDs. Additionally, the requirement to specify the exact time of transactions has been removed, leaving only the date.
Related News: <a href="https://en.bitcoinsistemi.com/analytics-firm-assesses-the-recovery-in-bitcoin-and-ethereum-what-do-they-expect-next/" target="_blank" rel="noopener noreferrer nofollow">Analytics Firm Assesses the Recovery in Bitcoin and Ethereum: What Do They Expect Next?</a>
The original form also included a box for filers to categorize their intermediary type, with options such as “kiosk operator,” “digital asset payment processor,” and “non-hosted wallet provider.” This classification box has been removed in the updated draft.
Crypto attorney Drew Hinkes, a partner at K&amp;L Gates in Miami, praised the updated form, calling it “substantially improved” and less burdensome. “It requires significantly less data reporting” on X, Hinkes said.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/positive-development-for-cryptocurrencies-in-the-us-irs-improves-tax-regulation/" rel="noopener noreferrer nofollow">Positive Development for Cryptocurrencies in the US: IRS Improves Tax Regulation</a>

Positive Development for Cryptocurrencies in the US: IRS Improves Tax Regulation

Bitcoin Sistemi EN

Other articles published on Aug 10, 2024

BlastUP burns 30% of $BLASTUP supply, value soars before TGE—is the next 100X gem here?

Rollblock Continues Defying Odds As It Reaches 200% Gains This Year! Why Are Injective And Kaspa ...

SSV Network Reaches 40,000 Validators on Ethereum Mainnet

Ionic Digital Delays IPO After Leadership Shakeup and Auditor Exit

Tether CEO: EU’s MiCA regulation puts stablecoins at risk

How to Turn $500 Into $50,000: Top Cryptos for New Investors

Join our free newsletter for daily crypto updates!