The IRS has decided that U.S. businesses can hold off on reporting those pesky cryptocurrency transactions over $10,000. 🤯
On January 1, a law from the Infrastructure Investment and Jobs Act was supposed to make all U.S. businesses report crypto transactions exceeding $10,000. But after no guidance or regulations, the IRS says, “Hold up, we’re not quite ready to handle that.”
Crypto users, who were less than thrilled with these new rules, can breathe a sigh of relief.
Under the IIJ Act, businesses are supposed to report receiving cash of more than $10,000 within 15 days of the transaction. Digital assets were lumped in with cash, but now the IRS says, “Just kidding, not yet.”
The IRS and the Treasury are supposedly working on proposed regulations for digital asset reporting, but they’re keeping mum on when these will materialize. They also graciously allow the public to comment on how these regulations should be laid out.
The Blockchain Association calls this a “positive step forward,” given the headaches of reporting cryptocurrency transactions. 💸