Coinbase, one of the largest and most popular crypto exchanges, recently changed some of its third-party tax reporting rules for its users. The company used to issue annual 1099-K’s. These tax forms were issued to its crypto users who processed at least $20,000 worth of payments in a tax year, or at least 200 transactions for the previous tax year. Now, Coinbase reports that it will no longer issue 1099-K’s, but instead it will issue 1099-MISC’s. This change is significant, as it will affect tens of thousands of crypto users of the exchange. Now, any crypto user who receives at least $600 in crypto payments will receive a 1099-MISC (from trades for example). Notably, even though many more crypto users will receive the 1099-MISC’s, the tax form is still void of any basis calculations. Basis is necessary to properly calculate a taxpayer’s gain or loss from a crypto transaction. Nevertheless, the IRS now has its disposal tens of thousands of more third-party tax forms to match against taxpayer’s individual 1040 tax returns. This will significantly impact IRS crypto tax compliance.