Hey web3 employers! It’s almost 1099 time, and Bulla Network can help!

Your contractors need an accurate 1099 form from you by January 31, 2024. If you pay in crypto, please know:It's essential to accurately report the value of the cryptocurrency at the time of payment. Employers must determine the fair market value of the digital assets, which can be challenging given the volatility of the crypto market.

Employers also need to ensure they classify crypto payments correctly. The IRS treats payments in virtual currency as taxable income, and employees should receive a Form 1099 reflecting this income.

On the 1099 form, basic info is required, i.e. recipient's name, address, and taxpayer identification number, along with details about the cryptocurrency transaction.

BullaNetwork can help if you have been partially or fully paying in DAI, USDC or USDT. Our Explorer tool will scan for your wallet or Safe across 14 chains and load all stablecoin transactions in a handy dashboard where you can further sort it by contractor address and then export.

Your accountant thanks you!!