Unpacking New Regulations for Reporting Digital Asset Transactions
The IRS and the US Department of the Treasury issued the long-anticipated proposed regulations under Sections 6045 and 6050W providing guidance for information reporting of digital assets. These regulations require brokers to report digital asset transactions by customers on or after January 1, 2025, on new Form 1099-DA. We’ll discuss:
Key aspects of the new regulations for information reporting on digital asset sales, transfers, and other dispositions
Types of reportable digital assets
Parties responsible for documenting, withholding, and reporting
Requirements for accurate and timely reporting
TaxBit’s VP of Tax Solutions, Erin Fennimore will provide perspectives on the impact to this industry
Participants will assess the implications of the newly proposed regulations and how to address them.
1 Overview CPE credit | Taxes
This is a Deloitte hosted webinar.
Partner, Global & US Blockchain & Digital Assets Leader, Deloitte Tax LLP
Rob Massey has more than 20 years of professional experience in tax consulting for technology companies. Since 2013, he has focused on blockchain, digital assets, cryptocurrency and tokenization. He serves companies throughout the blockchain ecosystem inclusive of investors, miners, staking providers, payment processing, wallet hosting, exchanges, hedge funds, tokenization and protocol development. Rob leads Deloitte’s blockchain efforts in tax for the global firm.
Managing Director, Global Marketing Leader – Information Reporting, Deloitte Tax LLP
Denise is a managing director in Deloitte’s GIR practice and the Global GIR Market Leader. Prior to joining Deloitte, Denise was a managing director and tax counsel at a large financial institution and was a lead adviser on US tax information reporting requirements. Denise also spent six years at another large accounting firm, where she led the US-based qualified intermediary tax practice. Denise has more than 35 years of experience advising on the intricacies of tax law and information reporting and withholding.
Managing Director, Washington National Tax – Global Information Reporting Leader, Deloitte Tax LLP
Susan is a managing director in Deloitte’s Washington National Tax practice with 20+ years of experience in global information reporting and withholding. Susan advises asset managers, banks, brokers and other financial institutions and multinational groups on tax transparency initiatives including the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), and with respect to transactions in digital assets. Susan provides subject matter knowledge to financial institutions, including qualified intermediaries and withholding foreign partnerships, as well as non-financial groups, on matters involving US domestic and non-resident withholding and information reporting, and she also advises clients under tax audit or making voluntary disclosures to the Internal Revenue Service.
VP of Tax Solutions, TaxBit
Erin Fennimore is the VP of Tax Solutions at TaxBit. She leads the expansion of tax software solutions in emerging and ever-changing crypto markets, both domestically and abroad, and helps scale TaxBit’s information reporting.
Erin brings over 10 years of expertise and experience in the area of information reporting and withholding. Prior to joining TaxBit, she led the Global Tax Reporting group at Moss Adams, where she focused on the private equity and venture capital sector, as well as advising multinational corporations and financial institutions on compliance with information reporting and withholding regulations.
Erin also worked at IHS Markit—formerly Compliance Technologies International—where she designed, tested, and implemented tax software solutions for tax due diligence, withholding, and information reporting.