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?
Custodial Exchanges
Processors of Digital Asset Payments
Hosted Wallet Providers
US Treasury Regulations
See our recent blog post forexpert insights from Taxbit and a comprehensive breakdown and analysisof 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.
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.
Regs Features Highlights Part 2
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.
