How Web 3 Could Change Tax Collection

How Crypto Will Change Paying Taxes

This will make 1099 form generation impossible because in most cases there’s no third party to generate them. Even if a protocol could generate 1099s, the reports will be incomplete, without the taxpayers’ personal identification information such as name, address and Social Security number. Further, the amounts reported will be inaccurate because the protocol has visibility only into what’s happening inside the protocol.

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