Deadline Concerns | Users Anxious About Missing 1099-DA Forms
Edited By
Fatima Elmansour
A growing number of people are expressing frustration over the delayed issuance of 1099-DA tax forms from crypto exchanges like Kraken. Many users are questioning if the exchange will adhere to the looming February 17 deadline, especially after Coinbase announced it would push its deadline to March 19.
Rising Tension in the Community
With tax season upon us, users are feeling the pressure. One commenter noted, "Whoever said they were allowed to do it late free is an idiot." This sentiment echoes throughout various forums, highlighting the frustration many feel towards the lack of communication about delays.
Some are contemplating whether to file their taxes early without the 1099-DA forms. One person stated, "Ain't gonna wait another month to file if you will be following Coinbase.” This reflects a growing urgency among users as the deadline approaches.
Navigating the 1099-DA Gap
As of now, the primary themes surrounding this situation include:
Uncertainty about future deadlines: Users doubt whether Kraken will comply with the February deadline, suspecting they might also delay like Coinbase.
Filing alternatives: Some are discussing the feasibility of submitting an account statement in lieu of the 1099 in a bid to avoid further delays.
Communication problems: Users are expressing their frustration about the lack of timely updates from Kraken regarding the status of their forms.
"You might be able to get away with doing an Account Statement if you at least want to prep a little bit."
Amid growing frustrations, what actions can people take to ensure compliance with tax regulations? The clock is ticking, and many are searching for guidance on how to handle this situation.
Key Points to Consider
▷ Users are rapidly losing patience with Kraken's silence.
▽ Questions mount over filing taxes without required forms.
※ "I’m right there with you, extremely frustrated that they are taking forever" - Commenter sentiment.
As tax season progresses, the pressure for clarity from preferred exchanges will only intensify. Stay tuned for more updates.
Future Unfolding: Eyes on Exchange Compliance
As the tax deadline inches closer, many expect Kraken to finally release their 1099-DA forms, albeit with a fair amount of skepticism. There's a strong chance we may see further delays, similar to Coinbase's recent pushback, as folks are already voicing their frustrations. Experts estimate that over half of the affected people might opt to file without these forms, relying instead on other documentation. This rapidly approaching deadline means that exchanges must communicate clearly with their clients or risk losing their trust entirely.
Historical Echoes: A Lesson from the Shipping Industry
This situation bears a striking resemblance to the struggles faced by the shipping industry during port strikes in the 1970s. At that time, shipping companies struggled to meet delivery deadlines, leading to significant delays and frustrations among customers. As warehouses filled with cargo, businesses were forced to find creative ways to manage their inventories and fulfill orders without reliable schedules. Much like today’s scramble for 1099-DA forms, stakeholders then had to confront their dependencies—ultimately transforming how they handled logistics and communications in a competitive market. In both cases, the confusion serves as a reminder of the critical interplay between expectation and reliability.