The Internal Revenue Service (IRS) has released a draft of the January 2026 revision of Form W-9, an important document used to collect taxpayer identification information. As explained by the Taxbit blog, this update introduces significant changes designed to address the evolving ecosystem of crypto assets and provide clearer guidance for self-employed individuals and "disregarded entities" in the collection of Taxpayer Identification Numbers (TINs). These revisions reflect the IRS 'ongoing efforts to address emerging fintech, with the goal of modernizing tax compliance and streamlining the filing process for taxpayers and brokers.
One of the most notable updates in the new draft W-9 form is the addition of provisions for digital asset compliance, with a focus on U.S. brokers. The revised W-9 includes requirements for brokers to collect and report information related to digital asset transactions, in line with the broader regulatory framework established by the Infrastructure Investment and Jobs Act of 2021.
According to the updated form, brokers must obtain specific information from clients involved in digital asset transactions.
IRS issues key update on digital asset compliance
2025-09-25 04:56:49
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