The IRS didn’t state when it intends to issue new regulations detailing how U.S. businesses will need to report cryptocurrency transactions.
United States businesses won’t yet need to report cryptocurrency transactions above $10,000 to the Internal Revenue Service (IRS) until the tax agency releases a regulatory framework.
The decision follows a revision of the Infrastructure Investment and Jobs Act (IIJ Act) by the Treasury and the IRS, according to a Jan. 16 announcement from the IRS.
On Jan. 1, a law requiring all U.S. businesses to report cryptocurrency transactions over $10,000 came into effect — but the tax regulator has stepped back from enforcing the rule for the time being.
