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Coinbase Selects IHS Markit to Enable Form 1099 Reporting and Client Due Diligence
IHS Markit, a world leader in critical information, today announced its exciting collaboration with Coinbase, the leading cryptocurrency exchange in the United States, to provide tax reporting information and infrastructure. This partnership will see IHS Markit create and deliver Forms 1099-MISC for Coinbase customers, with plans to expand into additional reporting in the future, creating a seamless process for crypto enthusiasts. Additionally, IHS Markit will assist Coinbase in their due diligence requirements through the collection, validation and TIN matching of account holder Forms W-8 and W-9.
As regulation of the crypto asset ecosystem continues to mature, accurate, timely reporting of tax information will be essential in meeting regulatory requirements.
Lawrence Zlatkin, Global Vice President of Tax, Coinbase, commented, "Our partnership with IHS Markit is designed to bring clear, reputable tax filing tools for Coinbase customers. We want to enable the public to file efficiently and easily during tax season, and to feel safe and secure doing so. Our new Coinbase Taxes platform will offer simple and easy-to-follow resources and we'd like to thank IHS Markit for their partnership in bringing them to life."
William Sheridan, Managing Director and Global Tax Solutions Commercial Lead, IHS Markit said, "With the recent Biden Administration Infrastructure bill and IRS guidance continuing to indicate that the scope of information reporting for taxable cryptocurrency transactions will only increase, firms are looking to maximize efficiency and reporting accuracy. We are excited to partner with Coinbase, who are best in class among cryptocurrency exchanges, to support them by providing industry leading solutions for their reporting and due diligence obligations."
IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.