Why the Form 1099B is emerging as a 'gold standard' for crypto tax reporting

Quick Take

  • The Internal Revenue Service (IRS) has made it clear it’s looking to crack down on crypto with a number of actions aimed at tracking taxable crypto activity in the U.S.
  • The lack of standards on which forms exchanges need to send to the IRS has created additional headaches as the IRS takes a closer look at crypto-using tax payers.
  • Tax professionals say Form 1099-B has emerged as the best option for crypto reporting.
A lack of standards on which forms exchanges need to send to the IRS has created additional headaches for both the filer and the agency itself.

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