Elodie Collins
TaxBit has announced that its tax and accounting platform for digital assets now offers comprehensive support for the 1099-DA form. The addition of the form 1099-DA marks an important step toward full compliance with the newly released Department of the Treasury and Internal Revenue Services Digital Asset Broker Regulations, the company said Tuesday.
The 1099-DA form is designed to fill the gaps in current tax collection regulations, particularly when it comes to digital assets such as cryptocurrency. The form requires brokers to provide detailed information on transactions, including the type and quantity of digital assets and business type. The IRS published a draft of the form in April, with full implementation expected to take place in 2025.
In a statement, Lindsey Argalas, CEO of TaxBit, assured customers that the company’s tax and accounting platform will adapt to changing requirements.
“Our platform combines the expertise of industry-leading tax professionals with cutting-edge technology,” she said. “Having filed over 100 million forms, we are adept at managing the intricate demands of digital asset taxation.”
Argalas also mentioned that the Draper, Utah-headquartered firm will comply with the upcoming Directive on Administrative Cooperation 8 rules on taxing crypto-asset transactions for customers in Europe.
As the new Treasury-IRS digital asset regulation takes effect, TaxBit will seamlessly transition enterprises from 1099-B to 1099-DA reporting.
