Taxbit Rolls Out 1099-DA Support

Digital asset tax and accounting platform Taxbit has introduced comprehensive support for the 1099-DA form, facilitating compliance with the newly released U.S. Treasury Department and IRS digital asset broker regulations that are slated to go into effect for the 2025 tax year.

Form 1099-DA, Digital Asset Proceeds From Broker Transactions, provides 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,” the company said in an Aug. 27 media release. “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.”