Originally posted by Arky
IRS Delays Businesses’ Crypto Transactions Reporting Rule
Businesses in the United States won’t have to report cryptocurrency transactions exceeding $10,000 to the Internal Revenue Service (IRS), at least until the tax agency releases a regulatory framework.
This comes as the IRS, along with the U.S. Treasury Department, revised the Infrastructure Investment and Jobs Act (IIJ Act). The law originally required businesses to report crypto transactions above $10,000, but the regulator isn’t enforcing the rule for the time being
“At this time, digital assets are not required to be included when determining whether cash received in a single transaction (or two or more related transactions) meets the reporting threshold.”
The rule faced criticism from the cryptocurrency community, with Coin Center’s executive director Jerry Brito expressing concerns about the practical challenges of complying with the reporting requirements without further guidance.
The IRS and the Treasury plan to propose new regulations for reporting digital asset transactions, but they have not announced a timeline for this introduction.