The Internal Revenue Service and the Treasury Department told businesses Tuesday they won’t have to report on the digital assets they receive until regulations are issued.
The Infrastructure Investment and Jobs Act changed the rules requiring taxpayers that engage in a trade or business to report receiving cash of more than $10,000 by considering digital assets to be cash. In
However, the announcement doesn’t have an impact on the rules that were in effect before the infrastructure law for cash received in the course of a trade or business. That still needs to be reported on
The Treasury and the IRS plan to issue proposed regulations to offer more information and procedures for reporting the receipt of digital assets, while giving the public a chance to comment both in writing and, if requested, at a public hearing.
The IRS and the Treasury have lagged on issuing regulations regarding cryptocurrency like Bitcoin and Ether, but the tax service does have a
Credit: Source link