The United States Treasury Department and Internal Revenue Service (IRS) recently announced revisions to their crypto tax reporting rule. It originally mandated extensive reporting for crypto transactions exceeding $10,000.
The Treasury now informs businesses that they do not have to follow the same reporting requirements as cash for crypto transactions. However, this will only be the case until formal crypto regulations are introduced into the country.
US Government Announces Implementation of Regulations Will Come First
In a recent statement, the US Treasury Department outlines that digital asset transactions will not be subject to the same reporting requirements as cash, until regulations are introduced into the country.
“The 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.”
The regulators aim to release regulations that will furnish extra details and procedures for reporting the receipt of digital assets. Additionally, the public will have the opportunity to offer feedback through written submissions and participation in a public hearing.
The reversal of this rule comes only a couple of weeks after initially introducing it publicly.
On January 2, BeInCrypto reported that US citizens who receive $10,000 or more in crypto now have an obligation to report the transaction. The obligation includes reporting names and address, with a 15 day deadline.
Read more: How to Reduce Your Crypto Tax Liability: A Comprehensive Guide
US Government Tightens Grip on Crypto Taxpayers
The government, in
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Author: Ciaran Lyons
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