Consensys criticizes draft IRS 1099-DA, calls for postponement of effective date

Commenting on the Internal Revenue Service's (IRS) Draft Form 1099-DA, Consensys, Inc. argues that the information required by the proposed regulations and draft forms is too broad and imposes high compliance costs on blockchain software providers. Consensys emphasizes that the regulations do not adequately take into account the burden on potential brokers, particularly those entities that have traditionally had no reporting obligations. They call for a delay in the effective date of any reporting requirements related to software developers and the introduction of multi-broker rules to ease the burden and cost on tens of millions of taxpayers.