Taxpayers Do Not Have to Report Digital Assets As Cash Until Further Regulations – IRS

“The Infrastructure Investment and Jobs Act, which came into force on Jan. 1, requires businesses to report crypto transactions worth more than $10,000 as if it were cash. The provision is a matter of a lawsuit brought against the IRS by the crypto lobbying group CoinCenter,” reports The Block.”Announcement 2024-4 provides transitional guidance as Treasury and the IRS implement the new provisions. This particular provision requires Treasury and the IRS to issue regulations before it goes into effect,” IRS said in a statement.”Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets, giving the public an opportunity to comment both in writing and, if requested, at a public hearing.”

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