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Supported Tax Forms

Taxbit’s platform has been designed and built to simplify the information reporting process from start to finish. This refers to the process by which filing entities report specific information to the Internal Revenue Service (IRS), or other tax reporting authorities, about the end customers and/or activity on their platform.

Please note: If you do not see a form type that you are contracted for, please contact our customer support team by submitting the following online submission form. 

 

US Information Reporting

Currently, Taxbit supports the following US information reporting tax forms:

  • Form 1099-DA : Broker reporting of capital gains from the sales of digital assets
  • Form 1099-NEC : Report nonemployee compensation (e.g., income paid to a contractor)
  • Form 1099-MISC : Report miscellaneous income such as rents, royalties, rewards, etc.
  • Form 1099-K : Report settlement of reportable payment transactions (e.g., payments made for goods or services).
  • Form 1099-INT : Report payments of interest income
  • Form 1099-DIV : Report payments of dividends and other distributions
  • Form 1099-B : Broker reporting of capital gains from the sales of traditional equities
  • Form 1099-R : Report distributions made from retirement accounts (i.e., IRA accounts)
  • Form 5498 : Report contributions made to retirement accounts (i.e., IRA accounts)
  • Form 1042-S : Report payments of US-source FDAP income to non-US recipients
  • Form 1042 support coming soon! 

More specifically, our platform assists with the generation of recipient copies, as well as the electronic filing to the IRS, including any relevant state submissions.

Select the links above for additional information on each form type.

 

Model Reporting Rules for Digital Platforms (MRDP)

Outside of the US, Taxbit can assist with reporting obligations related to the Model Reporting Rules for Digital Platforms (MRDP).

This includes DAC7, an EU directive that requires Reporting Platform Operators to report certain information about the sellers that use their platforms, as well as other jurisdictions’ local implementation of the OECD ruleset, such as the United Kingdom, New Zealand, Canada, and Australia (i.e., SERR).

Our platform supports the generation of recipient copies, as well as the generation of XMLs to be submitted to the relevant filing jurisdiction.

Please refer to the following guide for more information on this form type: MRDP/DAC7 - Overview

Crypto-Asset Reporting Framework / Common Reporting Standard (CARF/CRS)

Taxbit can also assist with reporting obligations related to the Crypto-Asset Reporting Framework (CARF) and the Common Reporting Standard (CRS).

For CARF/CRS reporting, Taxbit supports the collection of filing entity and account holder data needed for reporting, including additional controlling person data where applicable, and can ingest the transaction data needed for CARF reporting.

For CRS specifically, end-of-year fair market value data is also required, while for CARF, nearly all supported transaction types may be relevant depending on the activity supported on your platform.

Please refer to the following guide for more information on this form type: CARF/CRS - Overview