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September 14, 2023
2023-1530

Wednesday, September 27 | Crypto and digital asset information reporting: Newly released proposed regulations would expand Form 1099 reporting requirements (1 pm ET)

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

Date: Wednesday, September 27, 2023

Time: 1:00-2:00 p.m. ET New York; 10:00-11:00 a.m. PT Los Angeles

Registration: Register for this event.

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

CPE credit offered: up to 1.2 depending on duration. Recommended field of study: Taxes. Learning objectives: Analyze the new requirements of the proposed regulations; recognize changes in definitions and processes that may be needed; identify key effective dates. This intermediate level, group internet-based course has no prerequisites or advanced preparation. Final CPE award to be based on content, polling and length of participation. See CPE FAQ for more information.

EY webcast managed and produced by Ernst & Young LLP's Tax Technical Knowledge Services Group, Washington, DC: Lynn Fairfax | lynn.fairfax@ey.com and Barbara Kirchheimer | Barbara.Kirchheimer@ey.com

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