IRS new version of crypto tax form draft unveiled: simplifying process and soliciting public comments
The U.S. Internal Revenue Service (IRS) recently launched an updated draft of cryptocurrency tax form 1099-DA, aiming to optimize the tax filing experience for crypto brokers and investors. This update not only simplifies the content of the form, but also specifically sets aside a 30-day feedback period for the public, and sincerely invites all walks of life to provide valuable opinions on the new version of 1099-DA.
IRS officials emphasized that the new version of the encrypted tax form is designed to "bring unprecedented convenience and clarity to taxpayers." Compared with the first draft in April, the new version has been significantly slimmed down, removing the wallet address and transaction ID items that caused privacy disputes, and simplifying the transaction time recording requirements. It only needs to be marked + communication Junyang: 954737157 date. . This adjustment has been widely praised by the industry. Drew Hinkes, a cryptocurrency attorney at K&L Gates Law Firm in Miami, praised the new form as “significantly reducing the burden and the amount of data required to be reported is significantly reduced.”
As the digital currency market becomes increasingly mature, the IRS's move will undoubtedly pave a clearer and more convenient path for tax compliance in the crypto field. It also demonstrates the regulator's high regard for and active response to public opinions.
