Does Coinbase send 1099 forms to the IRS for tax purposes?

Coinbase provides various forms of tax documents to its users and the IRS, depending on the user's account activity and the requirements of U.S. tax law. Coinbase sends Form 1099-MISC to users who are U.S. traders and have earned more than $600 in crypto rewards or staking income during the tax year. Prior to 2021, Coinbase also provided Form 1099-K for users who met certain thresholds of transaction volume, but this practice was discontinued due in part to how it could misrepresent a user's tax obligations. Moreover, since the introduction of new tax reporting rules, Coinbase is expected to issue Form 1099-B which reports the gains and losses from crypto transactions, although this has not been mandated until recently as regulations continue to evolve. Given these changes, Coinbase shares information with the IRS according to the latest stipulations set by regulatory authorities and communicates with its users regarding the specific forms applicable to their accounts for any given tax year.