Taxbit Introduces 1099-DA Support to Streamline Compliance for Digital Asset Brokers

NEW YORK, Aug. 27, 2024 /PRNewswire/ -- Taxbit, the leading digital asset tax and accounting platform, announced its comprehensive support for the 1099-DA form, a crucial step toward ensuring compliance with the newly released US Treasury and IRS Digital Asset Broker Regulations. This represents an important step towards digital asset tax compliance, as new information reporting rules are set to be fully implemented for the 2025 tax year. The 1099-DA form provides clear guidance on the data elements brokers must submit to the IRS, aligning with the finalized regulations for custodial digital asset brokers, and enabling them to prepare for compliance.

Taxbit has been at the forefront of digital asset reporting since its founding in 2018, seamlessly integrating with top cryptocurrency exchanges such as Gemini and Uphold to manage their information reporting needs and software partner to the IRS. As the industry transitions to 1099-DA reporting, Taxbit will ensure a smooth and efficient process for digital asset brokers. Its scalable platform is designed to adapt to the evolving complexities of digital asset reporting, including the U.S.1099-DA requirements.

"We were founded to solve the complexity of crypto taxes. Our platform combines the expertise of industry-leading tax professionals with cutting-edge technology. Having filed over 100 million forms, we are adept at managing the intricate demands of digital asset taxation," says Lindsey Argalas, CEO of Taxbit. "As global regulatory frameworks evolve, including forthcoming regimes in Europe like DAC8, Taxbit empowers brokers to adapt to these changes with confidence quickly, in markets around the world."

As the regulatory environment continues to shift, Taxbit's end-to-end compliance platform ensures that brokers can confidently navigate the complexities of the new 1099-DA form and beyond. For more information on Taxbit's 1099-DA support, please visit https://taxbit.com/taxbit-dashboard/.

About Taxbit

Taxbit is the premier tax and accounting compliance platform, designed by CPAs and tax attorneys, to simplify compliance and reporting for digital assets. Our comprehensive, end-to-end solution is trusted by enterprises, financial institutions, and government agencies to streamline compliance and ensure accuracy. Taxbit is certified with SOC 1 Type 1, SOC 2 Type 2 attestation, and ISO 27001 standards. With over $235 million in funding from top global investors like Ribbit, IVP, Paradigm, Haun Ventures, and PayPal Ventures, Taxbit is headquartered in Draper, Utah, and has offices in Salt Lake City, San Francisco, Seattle, New York, and Washington, D.C. Discover more at www.taxbit.com.

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Sydney Jacobs sydney.jacobs@taxbit.com