- The IRS 6045 regulations took effect Jan. 1, 2025, requiring brokers to report crypto transactions using 1099-DA forms starting in 2026.
- The suite solves cost-basis reporting challenges, a complex data problem for crypto traders filing personal tax returns.
- CoinTracker has processed billions of transactions since 2017 and tracks over $50 billion in crypto assets across 3 million users.
CoinTracker has announced the launch of its Broker Tax Compliance Suite for crypto institutions. Coinbase selected CoinTracker to provide the compliance infrastructure at the time of launch.
The suite offers automated 1099-DA reporting for crypto brokers and exchanges under the new IRS 6045 regulations, which took effect on January 1, 2025, according to the company announcement. The tools are intended to handle the complexities of crypto markets.
Addressing New Reporting Requirements
The regulations require brokers to report certain crypto transactions to the IRS in 2026 using 1099-DA forms. The technology suite enables brokers to meet all information reporting obligations by covering IRS and state requirements.
The suite includes a consumer tax center that allows brokers to offer embedded tax reporting to their end users. The tool addresses cost-basis reporting, which presents data challenges for users filing personal crypto tax returns. Brokers can use the technology to help their user base meet personal tax reporting requirements.
Building Trust Through Compliance
Jon Lerner, CEO and co-founder of CoinTracker, said compliance involves building trust through transparency and accuracy. He said the suite allows brokers to turn compliance into a competitive advantage by simplifying complex reporting.
The launch expands CoinTracker’s Enterprise offering, which includes a crypto subledger solution for businesses with crypto accounting needs.
