Internal Revenue Service (IRS): Put on hold—new IRS reporting requirements for digital assets (crypto)
Internal Revenue Service (IRS): Put on hold—new IRS reporting requirements for digital assets (crypto) | Image Credit: bankrate.com
According to updated Internal Revenue Service (IRS) guidance, new regulations mandating that transactions involving digital assets valued at more than $10,000 be reported to the appropriate authorities will not be implemented immediately.
"At this moment, digital assets are not needed to be included when assessing whether cash received in a single transaction (or two or more connected transactions) reaches the reporting requirement," according to the guidelines, which was released on Tuesday.
Nonetheless, the guidance clarifies that the regulations (included in section 6050I of the Internal Revenue Code) will take effect upon the issuance of particula...