News+

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.

Subscribe to The Block News+ to
Unlock this Feature

Choose Your Plan

Save $ vs. paying monthly

Annual

$
per year
Join Now

Monthly

$
per month
Join Now

Questions?

If you want to know more about what you get with a Membership, or you need help convincing your manager, we got you covered. You can find the details and learn more about the benefits by clicking the link below.

Related Reading

Binance Helps Take Down Cybercriminal Ring Laundering $500M in Ransomware

Over the past year, Binance has expanded its in-house AML detection and analytics capabilities. Based on research and analysis, as well as an understanding of cybercriminals' history and cashout tactics, Binance arrived at the conclusion that the biggest security problem in the industry today is money connected to cyberattacks being laundered through nested services and parasite exchanger accounts that live inside macro VASPs, including exchanges like Binance.com
Read Full Story
Sponsored Post

Okcoin is launching SATs mode as part of wider retail push

  Okcoin, which was founded in 2013, is doing something different in a crowded field of crypto exchanges: it’s going to allow clients to denominate trades in bitcoin in units of satoshi, rather than BTC.  On this episode of The Scoop, Okcoin CEO Hong Fang joined host Frank Chaparro for a discussion on Okcoin’s rapid […]
Read Full Story
Sep 27, 2021, 5:27PM UTC
More