PANews reported on March 5th that, according to The Block, the U.S. Internal Revenue Service (IRS) has released a new proposal allowing crypto brokers such as Coinbase and Kraken to provide users with 1099-DA tax forms electronically only, eliminating the need for paper options. Under new rules effective this year, crypto brokers are required to report total transaction value and cost basis to the IRS for digital asset sales. The IRS will automatically obtain user profit and loss data to strengthen tax compliance. The proposal states that brokers can refuse to provide paper tax forms to clients who do not agree to electronic collection and can terminate business relationships with clients who refuse electronic delivery. The proposal is pending public comment and final approval.