The U.S. Treasury and IRS have announced a stopgap measure regarding section 6050I, stating that businesses will not be required to report the receipt of digital assets over $10,000, as they do for cash, until new regulations are issued. This announcement delays the enforcement of the reporting requirement, which was part of the Infrastructure Investment and Jobs Act, and initially raised concerns over a January 1st deadline. The IRS clarified that the cryptocurrency reporting requirements will not go into effect until the Treasury issues further regulations, and businesses will not need to report within 15 days as previously expected. The Financial Committee welcomed the stopgap but noted it does not resolve the fundamental issues with the digital asset reporting requirements, and there is a call for legislation that is more suited to digital assets.
IRS Says Digital Assets Are Not (Yet) Subject to Cash Reporting Obligations https://t.co/htsOZF9WqP | by @Sewkis
The IRS and the US Treasury have said businesses do not have to report payments of $10K or more in digital assets until both agencies have issued proposed regulations, per FOX.
New rules incoming for #crypto in the U.S. The U.S. Treasury and IRS say businesses don't need to report digital asset receipts like cash until new regulations are issued Existing rules for reporting cash/digital assets transactions over $10k are still in place They're… https://t.co/4Bvx4Fo4OM
UPDATE: The Treasury and IRS announced that businesses do NOT have to report the receipt of digital assets the same way as they must report the receipt of cash until they issue regulations. What's a solution to this problem? Legislation that correctly fits digital assets.… https://t.co/8rtkBHWcQf
IRS and Treasury say businesses do not have to report cryptocurrency receipts until new regulations are issued https://t.co/sfQfHH40Qh
ICYMI: IRS says businesses don’t have to report certain crypto transactions until new regulations issued https://t.co/OVoOQoFwQS
The Treasury and IRS say they aren't enforcing a rule requiring businesses to report the receipt of digital assets worth $10K+ within 15 days of receiving them (@s_lutz95 / Decrypt) https://t.co/fCKQnFALbm 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/8dFCBnOjhR
IRS says businesses don't have to report certain crypto transactions until new regulations issued https://t.co/LWvhZIlmtH
TLDR: Treasury and the IRS have announced that businesses do not have to report receipt of digital assets >$10k until they issue new regulations. This isn't a surprise, yet it runs counter to the bad guidance many people have been posting. Be careful who you follow. https://t.co/XTpmPxsGn5
Glad to see the IRS has belatedly listened to us and recognized the impossibility of complying with 6050I using crypto, but its statement on the matter is baffling. They state that the new crypto reporting obligations in the Infrastructure Investment and Jobs Act “requires the…
We welcome this stopgap action by @IRSnews to clarify the forthcoming regulations on section 6050I for digital assets. However, this does not fix the underlying problems with the poorly constructed digital asset reporting requirements. https://t.co/Isx1NaLHam
🚨NEW clarification from @IRSnews on digital asset reporting After much fear over a doomsday Jan 1st starting date for digital asset reporting over $10k, the IRS has announced this will NOT go into effect until @USTreasury issues regulations Read more👇 https://t.co/5yE4C1egFY
🚨HUGE clarification from @IRSnews on digital asset reporting After much fear over a doomsday Jan 1st starting date for digital asset reporting over $10k, the IRS has announced this will NOT go into effect until @USTreasury issues regulations Read more👇 https://t.co/5yE4C1egFY
While it's good to see it announced that the new cryptocurrency reporting requirement isn't technically in effect, the IRS stressing that it still applies to cash and will soon apply to crypto is a firm reminder that this law still needs to be repealed 🔗: https://t.co/mlMElipfXK https://t.co/G2j0JmFEX8
6050I (#digitalasset transaction reporting over $10K) stopgap. Now we wait for regs... Businesses "do not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and IRS issue regulations." #crypto #tax…
Crypto-to-crypto gains are taxable even though you don't receive any cash. Set aside USD for your taxes! IRS explicitly calls out on the tax filing instructions that they can not accept crypto for tax payments. https://t.co/ky0X6tEnnl