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IRS improves detection of crypto tax mistakes for investors

IRS improves detection of crypto tax mistakes for investors

Photo: Photographer: Carol M. Highsmith / en.wikipedia.org

New Form 1099-DA reporting requirements mean the IRS will soon be able to match your crypto trades against your tax return, just like it does with stocks

by Editorial Team

3 min read

In Finance

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Coinbase Global, Inc. (COIN) price

Full chart and stats

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Market cap
$42.5B (shares as of 2026-09-30)
P/E (trailing)
Not meaningful: trailing loss. Diluted EPS −2.53 for 2025-10-01 to 2026-09-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue
$7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
+9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
20.0% (FY ended 2025-12-31)
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Oct 29, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 29, 2026 · tokenized COINx $161$42.5BNot meaningfulLoss, diluted EPS −2.53
to 2026-09-30 · SEC filing		Unavailable$7.2BFY ended 2025-12-31 · 10-K+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 29, 2026 · tokenized MSTRx $142UnavailableNot meaningfulLoss, diluted EPS −96.98
to 2026-06-30 · SEC filing		Unavailable$477.2MFY ended 2025-12-31 · 10-K+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 29, 2026 · tokenized CRCLx $80Unavailable16.0Unavailable$2.7BFY ended 2025-12-31 · 10-K+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K−69,508,000FY ended 2025-12-31, attributable to the company · 10-K−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 29, 2026 · tokenized BMNRx $22$13.1BNot meaningfulLoss, diluted EPS −4.50
to 2026-05-31 · SEC filing		Unavailable$6.1MFY ended 2025-08-31 · 10-K+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K348,577,000FY ended 2025-08-31, attributable to the company · 10-K7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 29, 2026, 12:47 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Starting January 1, 2025, custodial brokers, think centralized exchanges like Coinbase and Kraken, are required to begin collecting data for a brand new tax form: the 1099-DA. The IRS will receive those forms during the 2026 filing season, giving the agency the same kind of data-matching firepower it has long wielded over your stock trades and bank interest.

What’s actually changing

The new reporting framework traces back to the Infrastructure Investment and Jobs Act of 2021. Final Treasury and IRS regulations were released in July 2024, laying out exactly how this would work. The short version: centralized exchanges and custodians must issue Form 1099-DA to report gross proceeds from digital asset transactions.

The rollout is phased. For 2025 transactions, brokers only need to report gross proceeds. Cost basis reporting, the number that determines your actual gain or loss, won’t be mandatory until qualifying 2026 transactions. That’s a meaningful gap.

It means that for the 2026 filing season, taxpayers will be responsible for calculating and reconciling their own cost basis.

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Why this matters for crypto investors

The IRS has classified digital assets as property since Notice 2014-21. Every sale, swap, or exchange creates a taxable event. What’s new is enforcement infrastructure.

Platforms like Coinbase are reportedly preparing to issue millions of these forms, transforming crypto tax reporting from a patchwork system into something that resembles traditional securities oversight.

A February 17, 2026 deadline has been established for many 2025 forms. The IRS has also indicated it will send reminders early in the year to ensure both brokers and taxpayers are aware of the new requirements.

One important caveat: decentralized brokers are currently exempt from these reporting requirements. If you’re trading on decentralized exchanges, the IRS won’t be receiving a 1099-DA for those transactions. But that doesn’t mean those trades aren’t taxable.

Penalty relief and the transition period

The IRS has indicated it will offer penalty relief for brokers making good-faith efforts to report accurate figures for 2025 transactions. The relief is aimed at brokers, not individual taxpayers who underreport their income.

Experts warn that the systematized detection of unreported proceeds will begin to resemble the oversight applied to traditional securities. Once the IRS has gross proceeds data flowing in from major exchanges, any discrepancy between what a broker reports and what a taxpayer claims becomes an automatic red flag.

Cost basis reporting starting with 2026 transactions will tighten the net even further. At that point, the IRS will have both sides of the equation: what you received and what you paid.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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