Crypto and digital asset information reporting - August 2024

In this webcast, panelists discuss new regulations that outline reporting requirements for digital asset brokers and include transition relief for certain brokers.

Recently released final regulations and accompanying notices require brokers to report sales and exchanges of digital assets beginning in calendar year 2025. Further, cost-basis reporting will be required by certain brokers for transactions occurring on or after January 1, 2026. This timeline, as well as the complexity of the requirements, presents challenges not only to centralized cryptocurrency exchanges, but also to traditional financial institutions and many others. Firms across the spectrum will need to determine how the new regulatory requirements impact any existing processes and technology, from customer onboarding to reporting.

Join EY for a webcast discussion of the regulatory requirements and implementation considerations. Agenda topics will include:

• The effective date
• Definitions of “broker” and “digital asset”
• Due diligence requirements
• Information reporting requirements
• Basis reporting rules
• Considerations for operationalizing the requirements
• Transitional rules in Notices 2024-56 and 2024-57

Panelists

• Tara Ferris, Principal, Information Reporting and Withholding/Customer Tax Operations and Reporting Services Leader, Ernst & Young LLP
• Uri Benjamin, Principal, Information Reporting and Withholding/Customer Tax Operations and Reporting Services, Ernst & Young LLP
• Jonathan Jackel, Managing Director, Information Reporting and Withholding/Customer Tax Operations and Reporting Services, Ernst & Young LLP
• Ryan Blewitt, Managing Director, Information Reporting and Withholding/Customer Tax Operations and Reporting Services, Ernst & Young LLP
• Seth Poloner, Managing Director, Information Reporting and Withholding/Customer Tax Operations and Reporting Services, Ernst & Young LLP

Moderator

• Thomas Shea, Principal, Financial Services Crypto Tax Leader, Ernst & Young LLP

EY webcast managed and produced by Ernst & Young LLP’s Tax Technical Knowledge Services Group, Washington, DC: Lynn Fairfax