Wolters Kluwer Compliance Solutions is set to host a webinar focused on exploring the newly enacted U.S. cryptocurrency tax reporting rules and their impact. The webinar, “Understanding the New Cryptocurrency Reporting Rules and Their Impact on Brokers and Financial Institutions,” will take place from 3-4 pm EST Tuesday, December 7, 2021.
The Infrastructure Act recently signed into law by President Biden explicitly requires IRS Form 1099-B gross proceeds and cost basis tax reporting for U.S. sales of digital assets, including cryptocurrencies, effective beginning for returns required to be filed in 2024. An overview of this new requirement and important initial implications will be provided, and other virtual currency tax developments also will be discussed, time permitting.
Representing Wolters Kluwer Compliance Solutions on the webinar are Stevie Conlon, Vice President, Tax & Regulatory Counsel; Anna Vayser, Investment Compliance Solutions Corporate Actions Product Manager; and Robert Schwaba, Manager, Specialized Consulting, Tax & Regulatory. The participants have co-authored a number of tax articles relating to cryptocurrencies since 2018.
"Cryptocurrencies and other digital assets present a range of challenges as well as new opportunities in today’s financial services landscape,” said Steve Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “It is critical for brokers, investors and all other market participants to be fully aware of tax reporting protocols and the changing tax and regulatory landscape in order to remain fully compliant.”
Wolters Kluwer’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions’ eOriginal® suite of purpose-built, digital lending solutions, for example, helps lenders digitize their transactions and features electronic signatures, collateral authentication and an electronic vault. Compliance Solutions’ OneSumX® for Regulatory Change Management tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), meanwhile, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.