Taxbit, the digital asset tax and accounting platform, announced its comprehensive support for the 1099-DA form, a crucial step toward ensuring compliance with the newly released US Treasury and IRS Digital Asset Broker Regulations.
This represents an important step towards digital asset tax compliance, as new information reporting rules “are set to be fully implemented for the 2025 tax year.”
The 1099-DA form provides clear 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 clams it 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.”
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.”
Lindsey Argalas, CEO of Taxbit said their platform combines the expertise of industry-leading tax professionals with technology.
As the regulatory environment continues to shift, Taxbit’s end-to-end compliance platform ensures that brokers “can confidently navigate the complexities of the new 1099-DA form and beyond.”
As noted in the update, Taxbit is the tax and accounting compliance platform, designed by CPAs and tax attorneys, “to simplify compliance and reporting for digital assets.”
Their comprehensive, end-to-end solution is said to be trusted “by enterprises, financial institutions, and government agencies to streamline compliance and ensure accuracy.”
Taxbit is certified with SOC 1 Type 1, SOC 2 Type 2 attestation, and ISO 27001 standards.
With over $235 million in funding from global investors like Ribbit, IVP, Paradigm, Haun Ventures, and PayPal Ventures, Taxbit is headquartered “in Draper, Utah, and has offices in Salt Lake City, San Francisco, Seattle, New York, and Washington, D.C. Discover more at www.taxbit.com.”