Crypto and digital asset information reporting

Recently issued proposed regulations for digital asset information reporting (Form 1099) would require reporting by centralized and de-centralized exchanges, among others, and may have a sweeping impact on an organization’s operational process. For example, onboarding will now require an entity to collect tax forms, transaction systems will need to capture cost basis and sale/transfer information and Forms 1099 will need to be issued annually to the customer and the IRS. The proposed regulations would require reporting in 2026 for sales in 2025. Importantly, that reporting would require cost basis information going back to January 1, 2023.

Join us for a discussion of these proposed changes. On the webcast, we will discuss:

• Definitions of “broker” and “digital asset”
• Due diligence requirements
• Information reporting requirements
• Cost basis and ordering rules
• Effective dates

Panelists

• Jonathan Jackel, Managing Director, Financial Services Organization, Ernst & Young LLP
• Lauren Lovelace, Principal, Financial Services Tax, Ernst & Young LLP
• Thomas Shea, Principal, Financial Services Crypto Tax Leader, Ernst & Young LLP
• Matthew Stevens, Principal, International Tax and Transaction Services, Ernst & Young LLP

Moderator

• Tara Ferris, Principal, Information Reporting and Withholding/Customer Tax Operations and Reporting Services Leader, Ernst & Young LLP