Core Insights - The IRS's new digital asset reporting rules are turning crypto payroll from a simple HR perk into a compliance challenge for employers [1][2] - Companies that previously utilized crypto compensation to attract talent are now facing complex reporting requirements that many payroll departments are unprepared for [2][3] Group 1: Regulatory Changes - The introduction of Form 1099-DA and Revenue Procedure 2024-28 has created a challenging reporting environment for payroll departments [2] - Employers must now transition from treating crypto payroll as a straightforward W-2 transaction to a more complex basis documentation process [3][4] Group 2: Compliance Challenges - Payroll teams are required to adapt their processes to include basis reporting alongside traditional wage reporting to avoid confusion and potential penalties [4][5] - The new framework emphasizes gross proceeds reporting without cost basis, leading to potential double taxation issues for employees if proper documentation is not maintained [4][5] Group 3: Operational Implications - Revenue Procedure 2024-28 necessitates wallet-level basis tracking, complicating the payroll process and requiring detailed ledger management [5] - Companies must ensure they provide wallet-level cost basis support to employees to prevent conflicts between W-2s and 1099-DAs [5]

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