Last week, the Tax Reporting Group conference in Washington, D.C. brought together leaders across tax information reporting, compliance, and financial technology to discuss the rapidly evolving reporting landscape. From the continued migration to IRIS, to growing crypto reporting obligations, to global conversations around CARF, one thing was clear: tax reporting modernization is accelerating quickly.
For the digital asset industry in particular, the conference reinforced that crypto tax reporting is no longer a niche discussion — it is becoming a core competency requirement for tax and compliance professionals.
The FIRE to IRIS Migration Remains a Critical Focus
One of the biggest themes across the conference was the ongoing migration from the IRS FIRE system to the IRIS platform.
As Jessalyn Dean, Ledgible's Sr. Policy Advisor noted:
“We heard a lot about the migration from the FIRE system to the IRIS system, including a potential solution coming this year for foreign filers who have been unable to access the IRIS system. The migration is one of the single largest changes in Forms 1099 filing processes in many decades, and many companies may find themselves in a tight spot at the end of the year if they waited to the last moment to make the push.”
The operational implications of this transition are significant. Organizations that rely on legacy filing workflows are increasingly under pressure to modernize their reporting infrastructure ahead of future filing seasons.
Digital Assets Were Front and Center
Digital asset reporting was one of the most visible and heavily attended areas of the conference, reflecting the growing importance of crypto within mainstream tax reporting operations.
Jessalyn shared:
“Digital assets and crypto were front and center this year, with its own separate breakout session path that was heavily attended. More and more businesses touch crypto or digital assets. Knowledge of the underlying technology is critical for tax professionals to perform their job.”
The dedicated crypto breakout tracks demonstrated how quickly the industry is evolving from exploratory discussions to operational execution. Tax professionals, financial institutions, software providers, and regulators are all now grappling with the complexities of digital asset reporting at scale.
CARF Conversations Continue to Grow
Another major topic throughout the conference was the OECD’s Crypto-Asset Reporting Framework (CARF) and what implementation could eventually look like in the United States.
According to Jessalyn:
“CARF was a topic across many panels, with mostly unknowns and speculation at this point as to how and when the US will implement it. CARF is the cross-border data exchange of crypto tax information between participating governments and it stands for Crypto Asset Reporting Framework.”
She also noted discussions involving IRS representatives:
“On a panel with representatives from the IRS, they could not provide any insights as to the timeline and simply indicated that the draft CARF regulations are still in OIRA review. They have been there since late 2025.”
While timelines remain uncertain, the continued prominence of CARF discussions signals that global cross-border crypto reporting requirements are becoming an increasingly important consideration for institutions operating internationally.
Crypto Reporting Is Similar to Traditional Reporting — But Fundamentally Different
Dan Grisell highlighted another important theme emerging from the conference: the tendency to underestimate the complexity of digital asset reporting by comparing it too directly to traditional securities reporting.
Dan shared a memorable analogy from a speaker at the event:
“Crypto reporting and cost basis vs traditional reporting and cost basis are very similar but very different. While the outcomes are similar, the paths you take to achieve those outcomes are very different.”
While digital asset reporting may share foundational concepts with traditional tax reporting, the underlying data structures, transaction behaviors, blockchain mechanics, and operational challenges are fundamentally different.
Looking Ahead
This year’s conference made one thing abundantly clear: tax reporting modernization is no longer optional. Whether organizations are preparing for the IRIS transition, evaluating future CARF obligations, or operationalizing digital asset reporting, the need for scalable, technology-driven compliance solutions continues to grow.
At Ledgible, we’re excited to continue helping institutions navigate the future of digital asset tax information reporting and compliance.
