Changes to U.S. tax legislation per the Infrastructure Investment and Jobs Act have expanded the reporting requirements of the cryptocurrency industry.
Form W-9 is a single page IRS Tax information form that every U.S. person (or U.S. resident alien) transacting on our platform is required to complete in order to certify their correct name, address, and taxpayer identification number (TIN).
The information provided will be used by our partner TaxBit to ensure accurate annual tax information reporting to the IRS (as applicable) via Form 1099.
It is a requirement for each Customer who is a U.S. Person, or U.S. resident alien to complete a W-9 in order to use our services. Customers who have not certified their TIN via a Form W-9 will have their account restricted until rectified.
Form W-9 is an informational tax document that is used to certify a person's name, address, and taxpayer identification number (TIN).
Completing a Form W-9 does not result in a requirement to pay taxes. However, failure to complete a Form W-9 can result in penalties and/or backup withholding taxes, highlighting the importance of completing the form.