Crypto Tax Software - Best Tax Compliance Software For Crypto Exchanges

IRS 1099 Crypto-currency Reporting Regulations

The crypto industry is certainly booming. Thousands of Americans invest in virtual currency hoping these assets do not affect their tax reporting. However, like every other asset, virtual currency brings in capital gains or losses which must be reported to the IRS to avoid non-compliance notifications and penalties.

The IRS is now aggressively tracking crypto exchanges and transactions to curb unreported monetary flow. This is pushing businesses to rely on foul 1099 reporting tactics, which are leading to hefty assessments for violation.

Virtual Asset service providers and crypto exchange businesses are now looking at reporting their user's transactions accurately to avoid notices, penalties, and possible imprisonment.

Helpful Tax Reporting Features & Functions

Included with Tax1099

Tax1099's KYC/AML checks help companies stay compliant to combat fraud. These checks include W8/W9 processing and a TIN match search directly from regulatory reporting sources (i.e. the IRS) to verify what your user has provided.

Our Rights and Workflow Management features help companies streamline processes by allowing you to add users to perform any combination of tasks including data entry, data review, form approval, form submission, and TIN checks.

Tax1099 allows users to manage and create unique profiles based off a users TIN or EIN, request a TIN check, and submit W8/W9s.

Upload data for multiple forms and form types quickly with assistance from our Bulk Upload feature using Excel or CSV. Download a report to verify user data. eFile hundreds of thousands of forms quickly and efficiently.

In addition to 1099-B, our system eFiles various federal and state forms required by the IRS, including W2s, Forms 1099, Form 940, and many others. We also participate in the IRS CFSF(Combined Federal State Filing) program for many states so that your company can file state taxes with their federal taxes.

We keep your information secure by encrypting it on our servers. Our hosting has passed SSAE-18 Type II certification. On our site, we protect data with 256-bit bank-grade security. Also, our two-factor authentication prevents hackers from accessing to your data.

In 2023, the IRS will require all Crypto transaction be reported. With an uptick in fraudsters using phishing scams to create fake profiles, Tax1099 harnesses the power of its regulatory checks to help companies prevent fraudulent activity and eliminate B-notices and fines from the IRS.

As soon as you set-up your business profile, we help you verify your business details per the authorized records of the IRS and the new notices issued by the federal authorities. This automated protocol allows you to stay compliant throughout the course of your business.

With a long list of smart integrations available, you can easily import all your data to our secure and encrypted platform. Edit the information anytime and limit the data accessibility rights.

Validate in real-time the identity of your vendor or customer against the IRS database. Reduce the year-end rush and improve your onboarding process.

We have partnered with a variety of accounts and data management software application tools, such as QuickBooks, Xero, Sage Intact, Fresh Books, Excel, Bill.com, Zoho, Accounting Suite, Entrata, and more to help you track and maintain real-time records of your reportable information.

Tax1099 is a member of the BDO Alliance and won awards from BDO and Accountex. Accountex further rewarded Tax1099 with an Accountex User Favorite award 2 years in a row for our unrelenting service and user-friendly interface.




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