The Chamber of Digital Commerce, the world’s largest blockchain trade association, provided feedback to the US Internal Revenue Service on the proposed Form 1099-DA for reporting crypto transactions.
In their response, the chamber highlighted the need to simplify the form and raised concerns regarding individual privacy.
Chief Policy Officer Cody Carbone’s three-page letter stated, “We recommend that the final Form 1099-DA request only information necessary for reporting digital asset transactions by taxpayers, with additional information retained by digital asset brokers if needed for examination.”
The chamber expressed worry about the form’s request for sensitive data such as transaction IDs and digital asset addresses, suggesting they should only be asked for in cases of suspected criminal activity.
Furthermore, they suggested the IRS modify the draft form to allow brokers to clearly indicate if assets are subject to different tax rates.
The IRS released the draft of Form 1099-DA, “Digital Asset Proceeds from Broker Transactions,” in April for reporting income from crypto transactions and sought feedback, potentially implementing it in 2025 for the following year’s reporting.
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- Source: https://cryptoinfonet.com/regulation/digital-chamber-of-commerce-raises-issue-regarding-proposed-irs-cryptocurrency-tax-form/
