It is reported that the newly released version of Form 1099-DA is more streamlined than the initial draft proposed by the Internal Revenue Service (IRS) in April. The section for investors to fill in wallet addresses and transaction IDs has been removed (which previously caused privacy concerns upon its initial release). Additionally, the form no longer requires the inclusion of transaction times; only the date needs to be provided. Drew Hinkes, a partner at the Miami-based law firm K&L Gates and a cryptocurrency lawyer, wrote on X that the updated form “has seen significant improvements, reducing burdens and significantly decreasing the required data reporting.”
