Preparing for Form 1099-DA isn't simply about purchasing software. Financial institutions need to design an operating model that connects customer onboarding, tax documentation, cost basis tracking, withholding, and information reporting into a scalable compliance framework.
To help organizations navigate that journey, Ledgible partnered with Sovos and Comply Exchange to create the Building a 1099 Operating Model for Success webinar. We've since expanded those conversations into a five-part blog series that walks through every stage of developing an effective Request for Proposal (RFP) for digital asset tax reporting.
Whether you're beginning vendor evaluations or refining an existing procurement strategy, this series provides a practical roadmap for selecting the right technology partner.
Start with the Strategic View
Before comparing vendors, organizations should understand what makes digital asset reporting fundamentally different from traditional tax information reporting. Building a successful 1099-DA program starts with an operating model—not a software demo.
Read: How Financial Institutions Should Evaluate Digital Asset Tax Reporting Vendors
➡️ https://ledgible.io/how-financial-institutions-should-evaluate-digital-asset-tax-reporting-vendors/
Build the Operating Model Before the RFP
One of the biggest mistakes organizations make is issuing an RFP before aligning internal stakeholders. Tax, compliance, engineering, legal, operations, product, and customer service all play important roles in a successful implementation. This article explains how to establish governance, define ownership, and build the foundation for a successful procurement process.
Read: Before You Write an RFP, Build the Right 1099-DA Operating Model
➡️ https://ledgible.io/before-you-write-an-rfp-build-the-right-1099-da-operating-model/
Understand the Capabilities That Matter
Not all digital asset reporting platforms solve the same problems. Before evaluating vendors, institutions should understand the four core capabilities every solution should support—from payee data collection through tax reporting.
Read: The Four Capabilities Every 1099-DA Vendor Must Demonstrate
➡️ https://ledgible.io/the-four-capabilities-every-1099-da-vendor-must-demonstrate/
Ask Better Questions During Vendor Evaluations
The quality of your RFP directly impacts the quality of the responses you receive. Learn how defining scope, implementation parameters, pricing assumptions, timelines, and evaluation criteria helps vendors provide more accurate proposals and leads to better procurement outcomes.
Read: The Questions Every Institution Should Ask During a 1099-DA Vendor Evaluation
➡️ https://ledgible.io/the-questions-every-institution-should-ask-during-a-1099-da-vendor-evaluation/
Set Your Implementation Up for Success
Implementation challenges usually don't begin after software is selected—they begin long before. Learn how organizations can avoid common pitfalls around data, reconciliation, stakeholder alignment, timelines, and operational planning before implementation ever begins.
Read: Why Digital Asset Tax Reporting Implementations Fail Before They Begin
➡️ https://ledgible.io/why-digital-asset-tax-reporting-implementations-fail-before-they-begin/
Continue the Conversation
Taken together, these five articles provide a comprehensive framework for building a successful digital asset tax reporting RFP—from strategic planning and stakeholder alignment to vendor evaluation and implementation readiness.
For an even deeper dive, watch our on-demand webinar, Building a 1099 Operating Model for Success, featuring experts from Ledgible, Sovos, and Comply Exchange. The session walks through the complete RFP template, shares implementation best practices, and provides practical guidance for preparing your organization for Form 1099-DA.
Watch the on-demand webinar: https://ledgible.io/on-demand-webinar-building-a-1099-operating-model-for-success/
