§6045A Information required in connection with transfers of covered securities to brokers

Summary

If someone transfers a covered security to a broker, they must give that broker a written statement with the information the government requires so the broker can meet its tax-reporting duties. The government will decide what details and what format are needed. Unless the government says otherwise, the statement must be given within 15 days after the transfer. Applicable person means brokers and others the government names. Broker: a person or firm that handles trades for others. Covered security: a kind of security defined in the tax rules. If a broker moves a covered security that is a digital asset from an account it controls to an account or address not known to be a broker, the broker must file an annual report for that calendar year showing the same information.