Regulations are here for crypto exchanges and brokers.
Get ready for upcoming deadlines. Learn more about the details and how Taxbit can help you navigate the new guidance.
The US Treasury and IRS released finalized guidance for custodial digital asset brokers. Learn how to start planning now for the upcoming reporting deadlines.
What is considered a digital asset?
Cryptocurrency
Any digital representation of value that is recorded on a cryptographically secure distributed ledger.
Stablecoin
Cryptocurrency that is designed to maintain a stable value over time by pegging its value to another asset.
NFT
Digital asset that represents real-world objects like art, music, in-game items and videos.
Reporting requirements
Digital W9/W8
Collect customer TINs and provide form W9 / W8s.
Cost Basis
Track and report cost basis information for disposed of assets.
1099-DA
Report gross proceeds with form 1099-DAs.
Who is affected?
Cryptocurrency
Stablecoin
NFT
DETAILED ANALYSIS
US Treasury Regulations
See our recent blog post for expert insights from Taxbit and a comprehensive breakdown and analysis of the proposed regulations coming from the IRS and the US Treasury.
Experience modern tax compliance
Eliminate manual efforts and data inconsistencies with automated ingestion, calculation, and remediation of user or transaction data.
EXPERT ADVICE
Operational Impact of Finalized Digital Asset Regulations
With the U.S. Treasury’s new regulations now in effect, it’s crucial for Digital Asset Brokers to understand and adapt to these changes. This eBook provides clear guidance on how to navigate the operational challenges of digital asset tax compliance. Download it to ensure your enterprise is fully prepared.
CBI – DIGITAL ASSETS
Eliminate missing cost basis at the source
Banish “missing cost basis” issues by joining an industry-wide network to automatically calculate, share, and file accurate cost basis for all transactions.
DIGITAL W9/W8
Automate your tax documentation process
Deploy a seamlessly embedded workflow to collect, validate, and store forms W-9, W-8BEN, or W-8BEN-E from your users and utilize them for information reporting purposes.
TAX CENTER APIS
Make tax reporting easier on customers
Give your customers real-time insights and access to tax forms by using our tax center APIs to embed information reporting into your application or customer experience.
