Internal Revenue Service (IRS) Unveils Draft of Form 1099-DA for cryptocurrency, NFT, and stablecoin transactions reporting to IRS and customers.
The roadmap outlines many broker groups such as kiosk operators, digital payment processors, hosted wallet providers, and non-hosted wallet operators. The brokers will have to document their transactions on Form 1099-DA by giving copies to the IRS and their consumers. This will increase verification and compliance.
This updated version of Form 1099-DA that enforces the reporting standards on digital asset transactions. The new 2026 structure which brokers are forced to use demands an account for a variety of financial transactions, such as the buying and sale of cryptocurrencycurrencies, non-fungible tokens (NFTs), and stablecoins.
Different stakeholders given to the established rules exhibit both approval and disapproval. Some people discuss about difficulties with too much authority and monitoring. Others identify challenges with reporting transactions to decentralized finance and calculating out the cost basis.
Read also: ZachXBT Voices Concerns Over IRS Pressure and Crypto Investigation