IRS Announces $10,000 Reporting Rule Won’t Apply to Crypto for Now

Published on January 19, 2024

The Internal Revenue Service (IRS) said that a new reporting rule set to go into effect in 2024 doesn’t apply to cryptocurrencies “until regulations are issued.” In a news release on Jan. 16, the tax agency said that businesses “do not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and IRS issue regulations.” “This announcement provides transitional guidance … and clarifies that 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.”...

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