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.