Shehan

Heads up, crypto investors! The IRS is making BIG changes starting Jan 1, 2025, and if you don’t prep now, you could pay more in taxes or face penalties. Here’s what you need to do before the year-end to avoid penalties, save money, and stay ahead of the game. 🧵

Let's go back to the beginning

@BernieSanders He's not even the CEO bro

Jeff Bezos, worth $234 billion, plans to replace 600,000 Amazon workers with robots. Now, he wants to spend $100 billion to fully automate not just his warehouses, but factories in the U.S & other countries. Oligarchs are waging all out war against workers. FIGHT BACK.

I spoke to Anthropic’s AI agent Claude about AI collecting massive amounts of personal data and how that information is being used to violate our privacy rights. What an AI agent says about the dangers of AI is shocking and should wake us up.

Are we allowed to put Pedophiles in jail now @PamBondi ?

@BillyM2k Joining @CoinTracker fr

what was the best decision of your life?

Stop drinking this garbage.

The IRS just quietly saved crypto investors from a massive tax headache by issuing Notice 2026-20. This is the most important update you haven't heard of yet, which is applicable to the 2026 tax year. Let me explain. 🧵

@getducked24 Not really. If you read the Form 8949 instructions, you have to report each transaction.

@TheCryptoCPA You can combine multiple transactions for a single asset into one cumulative proceeds and cost basis on your 8949, correct?

Here's how the IRS will catch crypto tax evaders: They receive your 1099-DA directly from the exchange showing proceeds. When you file your return, IRS systems check if the same amounts (proceeds only for 2025) have been reported on your Form 8949. Big discrepancies = automated IRS notice. Reconcile your 1099-DA with your crypto tax software reports BEFORE filing. Getting an IRS notice means delays, stress, and potential penalties you could have easily avoided.

@IAmATweetSir1 Most likely, yes.

@TheCryptoCPA Thanks for the info! Will we need to apply a correction code to our 8949s for these mismatch cases?

@trader_mmj @CoinTracker It is not a legal requirement for them to update it because the updated cost basis is not reported to the IRS this year.

@CoinTracker Why won’t they update the 1099 DA with the new cost basis from Cointracker?

Coinbase has integrated CoinTracker into their tax center to help users reconcile missing cost basis before filing. Instead of manually matching transfers across platforms, CoinTracker can pull in transaction history from hundreds of wallets and exchanges automatically.

"But I lost money, so taxes should be easy" is the most dangerous assumption in crypto. Losses with high transaction volume are HARDER to report correctly than simple gains. If you have losses across multiple exchanges with 500+ transactions, hire a CPA. Claiming large losses incorrectly triggers audits faster than reporting gains.

"layer 2 side chain"

@trader_mmj Simple answer is no, for 2025 tax year.

@TheCryptoCPA Why won’t Coinbase update the 1099 DA when the cost basis is updated with the info from Cointracker? I still have the old 1099 DA before syncing. Is that important I get a new 1099 DA with updated cost basis?

@MorganParrishTV @FOX29philly How did we become a developing country? 😔

Chaos at PHL International airport right now😳😳several TSA checkpoints are closed @FOX29philly

@Bloodbuzz256 You will need to use a crypto tax software like @CoinTracker in this case.

@OCollins80 Not to the IRS. Just proceeds. Correct, cost basis is reported for coins bought after 1.1.26.

@TheCryptoCPA If a coin was bought in 2024 and sold in 2026 will the exchange have to report cost basis for 2026 tax year? Or just the proceeds and only have to show cost basis for coins bought 1/1/26 forward.

@pourteaux Kind of. Depends on the exchange you trade at as well.

@TheCryptoCPA it seems 8949 is what actually matters then? for lots of reasons, i think the 1099-DA will be inaccurate for almost everyone

@bluewmist Using memes.

What is something relatively cheap that improves your life by 100%?

@TheCryptoCPA I don’t know how the hell you are supposed to do it if you have purchased on an exchange and moved to different hardware wallets and vaults.

@BillyM2k 🤞

@TheCryptoCPA nice, hope the accountants know what to do