Reporting for crypto receipts can be on hold for now: IRS and US treasury

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Joel Picardo
Joel Picardo
Joel Picardo has been in the crypto space since 2017. He started his first startup at 21. He headed operations for a Canadian crypto exchange in 2018. He also co-founded a tech blog with over 100k monthly visitors. He has built and sold over 30 news blogs to clients worldwide. While working in crypto and blogging space Joel found a gap in the crypto news space and decided to start Uno Crypto. He has a dream to build Uno Crypto as the number 1 crypto news publication and crypto market research company in the world.

On Tuesday, The IRS (Internal Revenue Service) of the U.S. government made an announcement that businesses and traders for now do not have to report crypto or any other digital assets. 

Guidelines were issued by the the Infrastructure Investment and Jobs Act enacted in 2021, stating that taxpayers who a engaged in business and trade must report digital assets and cash for a value of $10,000 However, this provision will not take place until the regulations are issued by the IRS and US treasury.

For now, businesses and traders can hold off on reporting receipts digital asset which includes cryptocurrency.  

On Tuesday, the IRS and treasury in a statement “intend to prescribe regulations….to provide additional information and procedures for reporting the receipt of digital assets.”

Digital asset brokers also come under this act. Digital payment processors, trading platforms, exchanges, and digital asset wallets come under Digital asset brokers according to the IRS.

Individual crypto miners do not fall under the Digital asset broker classification.

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