That old adage about death and taxes deserves another look. Since 1913, the U.S. tax code has kept changing, and the Internal Revenue Service (IRS) issues updates every year that can affect you. Of course you can always rely on the experts here at SWC to keep you posted on recent changes.

Like what, you ask. Here’s just three recent changes that have popped up on our radar screen that you’ll want to know about:

• The rollout of the newly created Form 1099-DA, which expands reporting requirements for digital asset transactions
• Increased liability for employers who use third-party payers to process their payroll transactions
• The discontinuation paper check refunds to individual taxpayers

In this post, we highlight each change in turn, whom it is likely to impact, and how to navigate the new rules and procedures. The goal, of course, is to leave you well prepared for tax season 2026. Our next post will focus on additional changes you need to be aware before we meet with you during your October – December 2025 Year-End Tax Projection meeting.

First up, there’s going to be a new IRS form for reporting digital asset transactions.

New Form for Reporting Digital Asset Transactions

To formalize the reporting of digital-asset transactions and improve compliance, the IRS has developed a new Form 1099-DA. According to the IRS, a digital asset is any computerized representation of value recorded on a cryptographically secured distributed ledger like the blockchain or any similar technology. Digital assets include the following:

• Cryptocurrencies, such as Bitcoin, Ethereum, Solana, Dogecoin, and others that can be used as payment or held as investments
• Stablecoins, such as Tether, USDC, Dai, Ethena USDe, and others that are digital tokens attached to the value of fiat currencies
• Non-fungible tokens (NFTs), such as Render, Immutable, FLOKI, and GALA, all of which are unique digital certificates of ownership tied to digital art, collectibles, or games
• Tokenized assets that represent ownership in real-world assets, such as real estate shares or commodities

As a taxpayer, here’s what you need to know about digital assets: Continue reading… Continue reading… Continue reading…