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CryptoIntelligence 2024-06-23 16:03:00

Chamber of Digital Commerce Criticizes IRS Proposed Form 1099-DA for Digital Asset Transactions

Chamber of Digital Commerce Criticizes IRS Proposed Form 1099-DA for Digital Asset Transactions

The Chamber of Digital Commerce, a leading blockchain industry trade association, has provided feedback on the U.S. Internal Revenue Service’s (IRS) proposed Form 1099-DA, aimed at reporting digital asset transactions. The chamber’s response emphasizes the need to simplify the form, making it easier for brokers handling digital assets like cryptocurrencies to use. It also underscores privacy concerns, advocating for the request of only essential information for reporting purposes. The chamber criticized the draft form for requesting excessive information, recommending that the final version require only the basic details necessary for tax reporting. They suggest that brokers should retain additional information

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