“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.