Trends and downstream effects @nrfahrer is seeing at @ForvisMazarsUS as regulations have eased constraints.

Market Cap w/ Forvis Mazars In this episode we talk with @nrfahrer from @ForvisMazarsUS and @jeffwangolf from @ForvisMazarsGrp, to explore how a global audit and advisory firm approaches digital assets. We discuss the state of crypto assurance, stablecoin transparency,

Dad… how was the 2025 Pacers playoff run?

Hali gave us everything. The team gave us everything. Fought to the very end. Epitome of what you ask for as a fan. I’m grateful for some of the most fun sports months of my life. A lifetime of memories shared with family & friends. I’ll love this team forever. #YesCers

Our newest episode of From the Vault, the BitGo podcast is live! BitGo's Director of Fintech Sales, Nathan Stump sat down with @nrfahrer of @ForvisMazarsUS and Jessalyn Dean of @Ledgiblecrypto for a no-fluff dive into what crypto tax reporting really looks like. From 1099s to

Less than 24 hours until the NBA Finals begin. Indiana, this is our time. Narrated by Mark Boyle.

If you missed last week's IRS Updates for Digital Assets: Key Regulatory Changes for 2025, don't worry! The recording is now available! Tune in to hear about the latest IRS regulations shaping the digital asset landscape from expert panelists VP of Tax Information Reporting

Bye, bye SAB 121! It's not been fun: https://t.co/cIwUc0isUE | Staff Accounting Bulletin No. 122

18/18 - However, DeFi brokers will have to weigh the cost of implementing compliance teams and tools necessary to comply with these new reporting requirements. If the cost outweighs the benefit, you might see DeFi apps geo-block U.S. customers.

17/18 - In my opinion, this new information reporting regime will not necessarily create undue burden on taxpayers that are already making a good faith effort to report their sales.

16/18 - In fact, the IRS was recently successful in sentencing a taxpayer to 2 years in prison for failing to disclose a $4+ million BTC gain.

15/18 Conclusion: - Reporting digital asset sales is already required by IRS Notice 2014-21. - As many know, public blockchains are not anonymous, rather pseudonymous. Thus, if you use the right tracing tools, many digital asset sales can be traced back to a taxpayer already.

14/18 - Regardless, congress has 60 legislative days to review and/or repeal this new rule using the Congressional Review Act. Credit to @CapHillCrypto for this bit of information.

13/18 - They cited Rauscher Pierce Refsnes, Inc. v. Great Sw. Savs., F.A., 923 S.W2d 112, 115 (Tex. App.1996) as their reasoning for this conclusion.

12/18 - They cited §1.6045-1(c)(3)(iv) and (c)(4)(iii), (iv), and (v) as their reasoning for this conclusion. - In addition, they also make an argument that no additional congressional action was needed to require DeFi (non-custodial) brokers to issue 1099’s.

11/18 - The IRS & Treasury even went as far as to say that the IRS didn’t need additional congressional action that occurred through the Infrastructure Investment and Jobs Act in 2021 to require centralized exchanges and similar brokers to issue 1099’s for digital asset sales.

10/18 -IRS argues that they have always had the authority to issue these rules: - The IRS and Treasury spent the first 41 pages of the final regs substantiating their authority to issue these new information reporting requirements.

9/18 - Important to note that cost basis information won’t be required to be reported.

8/18 - DeFi brokers will use the KYC information and information collected regarding the sale transaction to report information on a Form 1099-DA. Forms 1099-DAs will be reported for each transaction; a copy will be provided to both the taxpayer and the IRS.

7/18 - How will this impact taxpayers? - In general, once these rules are in effect, DeFi brokers will likely require customers to KYC before performing any transactions through their user interface.