On January 16, 2024, the Treasury Department and Internal Revenue Service issued an announcement informing businesses that they do not have to report the receipt of digital assets the same way as they must report the receipt of cash until the Treasury Department and IRS issue regulations.
The 2021 infrastructure Investment and Jobs Act revised the rules that require taxpayers that are engaged in a trade or business to report receiving cash of more than $10,000 by considering digital assets to be cash.
However, at this time, U.S. businesses are not required to report cryptocurrency transactions above $10,000 to the IRS until the tax agency releases a regulatory framework.
The announcement does not affect the rules in effect before the Infrastructure Investment and Jobs Act for cash received in the course of a trade or business, which must be reported on Form 8300, Report of Cash Payments over $10,000 Received in a Trade or Business, within 15 days of receiving the cash.
To read more information about the January 16, 2024 IRS Announcement click here.