In a recent information release, the IRS informed the public that it is in the process of sending out 10,000 “educational letters” to taxpayers who may have entered into crypto transactions but may not have properly reported that income. With this and other recent actions by the IRS to ramp up enforcement of taxpayer activity with respect to cryptocurrencies and other digital assets, both investors that engage in, and firms that facilitate, crypto trading are trying to figure out how existing tax rules apply to such trades.

Brokers and exchanges are parsing through these rules to determine their obligations, if any, for tax information reporting. Is a Form 1099-B required? Is a Form 1099-K appropriate? But beyond tax rules, there are also business issues to consider – for example, customer demand for cost basis and other tax-related information. Whether required by law or not, certain reporting services may be expected by customers in a world in which investors increasingly rely on their financial institutions to supply them with information for tax return preparation. And then, if you decide to provide tax reporting, what are the operational considerations?

Join us on Tuesday, October 8, 2019 from 1:30PM - 2:30PM EST for a discussion on the current state of crypto taxation. We’ll talk about the latest guidance from the IRS on crypto as well as some of the tax, business and operational considerations for firms facilitating the trading of crypto assets in the U.S.

Throughout the year we will be presenting ideas, thoughts and discussion on various information reporting and withholding topics from Form 1042-S reporting to FATCA to crypto. To register, see below.

Featured Speakers:
Cyrus Daftary, Principal, Information Reporting & Withholding Tax Services, KPMG LLP
Cameron Routh, Chief Commercial Officer, Tax & Analytics, Scivantage
Nelson Suit, Tax Counsel & Director of Regulatory Compliance, Scivantage