SignDesk’s Post

This is a vital update regarding the new reporting requirements for digital assets that will come into effect in 2025 under the updated tax laws. Here's a breakdown of the key points you need to be aware of: 1. Impact on Various Parties: The changes will affect individuals, businesses, and brokers involved in digital asset transactions, encompassing exchanges, wallet providers, and platforms facilitating such transactions. 2. Form 1099-DA: Brokers will have the new responsibility of reporting digital asset transactions on Form 1099-DA. 3. Detailed Reporting Obligations: Taxpayers will now be mandated to provide more specific information about their digital asset activities. 4. Enhanced Basis Identification: Starting in 2025, specific identification for basis purposes will be available, offering a more refined approach to managing digital asset transactions. These adjustments signify a significant shift in the regulatory landscape surrounding digital assets, emphasizing the importance of compliance and accurate reporting as the industry evolves. Stay informed to navigate these changes effectively. KerberRose

The IRS released a draft Form 1099-DA a few days ago. See below for a blog post my partner Phil Gaudiano wrote regarding our observations and concerns about the draft form. In addition to what Phil mentioned in his blog post, I want to say that the draft Form 1099-DA is requiring a lot more information than many people expected previously. For example, the form requires the name and/or explanation of non-cash proceeds (e.g., when using crypto to pay for services). It also requires detailed information regarding digital asset transfers. It looks like disclosure of digital asset cost basis is not required if the asset is purchased before 2023, which will give brokers some relief in terms of tracking costs basis, but that will also make 1099-DA less useful for taxpayers. We believe the requirement for brokers to file Form 1099-DA for their customers will help bring more taxpayers into crypto tax filing compliance. But at the same time, it will also cause a heavy burden on crypto brokers for getting all the required information for filing 1099-DAs. Moreover, taxpayers most likely cannot rely on the Form 1099-DA they receive because in many cases, information reported in the form is incomplete or incorrect. To ensure proper tax compliance and correct crypto tax reporting, we highly recommend crypto investors/users to work with a qualified crypto tax specialist. It will be a big mistake to blindly rely on 1099-DAs and/or use a crypto tax software to prepare crypto tax report without doing a thorough reconciliation. #cryptotax #1099-DA #cryptocurrency #taxcompliance

In a world that's becoming increasingly digital, the question often arises, "How do I file virtually?" We're here to guide you through the seamless process with ATM Tax Pro Solutions! Step 1: Gather Your Tax Documents - Begin your virtual filing journey by organizing your tax documents. ATM Tax Pro Solutions ensures that you have a comprehensive list of everything you need, making the process smooth and stress-free. Step 2: Click the Link in Our Bio - Take the next step by accessing our user-friendly platform. Click the link in our bio, and you'll be directed to a virtual space designed to simplify your tax filing experience. Step 3: Complete the Client Data Sheet - Efficiency meets precision! Fill out our client data sheet, providing us with the necessary information to tailor our services to your unique financial situation. Step 4: Upload Your Documentation - Say goodbye to the hassle of physical paperwork. Our secure upload feature allows you to submit your documentation effortlessly, ensuring a swift and accurate filing process. For inquiries, call us at (855) 829-6277 or email us at [email protected] #atmtaxpro #virtualfiling #taxseason #effortlessfinance #taxpreparation

Here is an interesting continuing education offering: Taxation of digital assets. Taught by the IRS.

Never lose your tax credits simply because of you cannot reconcile.  Bring in our digitalized 26AS Reconciler for increased savings. Head to this link - https://lnkd.in/gEMNqVrY and know more about 26AS Reconciler, Technology enabled automated reconciliation. #FASTFACTS #26ASReconciler #DigitalizedReconciliation

January is in the rear-view mirror, but the 2023 tax reporting season is just getting started! Join me and the Electronic Transactions Association this week for a deep dive into 2023 reporting compliance for reporting services payments to payees and the IRS on Forms 1042-S and Form 1042! #taxreporting #taxcompliance #paymentsindustry #1099K

Today, we announced our H&R Block Q3 earnings results. Based on multiple strengths across the business, we expect to finish the year near the high end of our FY24 outlook. We’ve made tangible progress in building better digital options for our clients and tax pros, and we’ve been modernizing our technology across the board, including genAI with our call center operations and AI Tax Assist in our DIY online product. We saw double-digit annual growth in Tax Pro Review and bookkeeping and payroll services, a 25% increase in Assisted clients working with tax pros completely virtually, and Spruce’s customer deposits tripled. Our transformation continues to show progress and there is plenty more to do! See the link below for a deeper dive into the results. https://bit.ly/3UxLlNT #BetterWithBlock #HRBlock #TaxSeason #Taxes #Earnings #Innovation #Outlook

Never lose your tax credits simply because of you cannot reconcile.  Bring in our digitalized 26AS Reconciler for increased savings. Head to this link - https://lnkd.in/gHPWijzV and know more about 26AS Reconciler, Technology enabled automated reconciliation. #FASTFACTS #26ASReconciler #DigitalizedReconciliation

Excited to announce the launch of Taxbit’s next-gen global tax reporting platform—purpose-built for enterprises navigating the complexities of international tax compliance across high-frequency, multi-asset transactions. TaxBit is redefining what’s possible in digital asset tax reporting, replacing legacy systems and bringing new levels of speed, scalability, and efficiency to global enterprises. From digital W9/W8 forms to real-time compliance updates for standards like DAC8 and CARF, our platform provides a streamlined, automated solution across borders, regulations, and jurisdictions. Learn more: https://lnkd.in/gxzsvXPC #TaxBit #DigitalAssets #Fintech #TaxCompliance #Innovation

TIGTA highlights a significant delay in the implementation of the 2021 digital asset laws, impacting IRS visibility and compliance enforcement. The new Form 1099-DA is set to improve transparency and accuracy in reporting digital asset transactions. Read more in detail here - https://lnkd.in/dpwP93n2   Stay tuned for more details on this crucial development!   #TaxCompliance #DigitalAssets #IRSUpdates #KNAVUS #BeyondBetter