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Navigating Crypto Taxes: Insights from Trish Turner on Upcoming Changes

Market Movers: The Opening Bell

September 29, 2025

Video Transcript

The Senate Finance Committee will hold a hearing this Wednesday on crypto taxation.

I sat down with Trish Turner, director of tax, and VP of public sector for CTG and asset reality.

Take a look.

Well Trish, you've spent nearly two decades in public service, including the IRS.

So tell me why you decided to enter private.

Sure, so after 2 decades, 20 years at the IRS, now is the time to pivot.

This is a lot of a lot of things are happening in crypto right now.

In this last year we've seen a big shift between regulators coming together at the table, domestic regulators.

We saw that with the genus. in the market structure coming together and the 1099 coming out this next year is going to be a big move after the 6045 regs were finalized.

So with that, you know, public sector is moving to you know.

Move forward with the crypto taxes.

However, the private sector is still kind of lacking as far as needing the education, needing the support.

A lot of practitioners are still struggling with being able to prepare crypto taxes and so right now it's really a good move because there is such a gap in the compliance and what taxpayers need.

And Trish, you and I are here at the New York Stock Exchange, and I remember back in the beginning of 2024 when the first Bitcoin ETF launch, and here we are counting down the months until the end of 2025.

So it really speaks to some of the progress there.

But you mentioned a form that makes many of us pay attention, and that is the 1099.

So when it comes to the 1099 DA, what is that exactly and Does that mean for holders of crypto here?

Sure, so the 1099 DA is going to be coming out in the filing season of 2026.

It's going to report all the transactions on centralized exchanges from the 2025 tax year.

It'll be proceeds for the first year.

The second year will be 2026, and you'll receive those in 207.

It'll have proceeds and basis.

So what that means is For those that haven't received the information reports before, they may not have realized or recognized all their gains in previous years.

So really, you know, the biggest advice here is you have 2025, a couple months left here before those forms come out to kind of get your house in order if you haven't been reporting all of those, making sure that if you have any amended returns to go back and look at some of those, but also, you know.

Know that you have your basis that you're going to have to account for for this year.

The centralized exchanges are not required to put those on the 1099 DAs, and those are going to come out to you.

They are transactionally.

So for each of those, you'll want to make sure that you have your basis so that you can record your gains, whatever they may be in 2026 for the 25 years.

Yeah, and getting your house in order, especially when it comes to taxes, is easier said than done, right, whether we're talking about individuals or small businesses or even medium sized businesses out there.

So for individual investors out there who do invest and have sold digital assets, what would you say to them right now?

Um, the biggest thing right now is, again, you know, getting that house in order as they're going through and they're investing in crypto for this year or even previous years, there's, you know, are they checking the box in the front of the return?

Are they keeping their records?

Some of the things that we've seen throughout, even now that I Out in the private sector are individuals not recognizing just those transfers between their wallets are not taxable.

So again, ensuring that they're keeping those records so that if they do find themselves in a situation in an audit that they have that audit trail and they have contemporaneous records so they have credibility during an examination.

But yeah, those are some of the some of the things there and then 26 will have those forms and 27 and so on.

And then right on the heels of that is CARP.

So CARP will be the international reporting that is slated for the 27 year coming out in 208, and that will be the international exchanges as well.

So a lot.

Happening with the information reporting, I don't believe they'll call them 1099 DAs, but they'll be similar in format to the information reporting you'll be receiving next year.

Well, as you mentioned, education is key, and you are familiar with stakeholders both in the private and public, so I appreciate your time and perspective.

Thank you so much for joining me today and thank you for having me.

“Individuals not recognizing just those transfers between their wallets are not taxable.” – 03:52

Trish Turner, Director of Tax and VP of Public Sector for CTG and Asset Reality, joins Remy Blaire at the New York Stock Exchange. With nearly two decades of experience in public service, including a significant tenure at the IRS, Trish brings a wealth of knowledge to the table, especially in the rapidly evolving world of cryptocurrency taxation.

Remy and Trish begin by discussing Trish’s decision to transition from public service to the private sector. Trish explains that the current climate surrounding cryptocurrency regulation is rapidly changing, with domestic regulators increasingly collaborating. She highlights the significance of the GENIUS Act and the finalized 6045 regulations, which set the stage for the introduction of the 1099-DA form. This form, expected to debut in the 2026 filing season, will report all transactions from centralized exchanges for the 2025 tax year, including both proceeds and basis.

Trish emphasizes the importance of this upcoming form, particularly for taxpayers who may not have fully recognized their gains in previous years. She advises listeners to take proactive steps in organizing their tax records before the forms are released, especially for those who may need to amend past returns. Remy notes the challenges that individual investors face in managing their crypto investments and the necessity of maintaining accurate records.

As the conversation progresses, Trish underscores the common misconception that transfers between wallets are taxable events. She stresses the importance of keeping detailed records to ensure credibility during potential audits. Remy and Trish also touch on the forthcoming CARF (Common Reporting Framework) for international reporting, which is set to launch in 2027, further complicating the landscape of crypto taxation.

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