In a temporary relief to businesses dealing with crypto, the U.S. Treasury Department and the Internal Revenue Service (IRS) have announced a delay in the enforcement of new reporting requirements for digital asset transactions.
This postponement comes as the agencies work on implementing regulations following changes introduced by the Infrastructure Investment and Jobs Act.
Temporary pause to earlier guideline
The Act is part of the infrastructure bill signed by President Joe Biden in 2021. It redefined the treatment of digital assets, equating them with cash for reporting purposes. According to the revised rules, businesses engaged in trade or commerce must report any receipt of digital assets. That is, if the receipts exceed $10,000, similar to cash transaction reporting.
However, the recent announcement by the IRS indicates a transitional phase. The Treasury and IRS have clarified that businesses are not required to report digital asset transactions in the same manner as cash
We współpracy z: https://coingape.com/irs-postpones-new-crypto-reporting-rules-easing-immediate-burden-on-businesses/
