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SirWin
SirWin
SirWin

IRS, Treasury temporarily waive business crypto reporting requirements

irs-treasury-temporarily-waive-business-crypto-reporting-requirements
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IRS, Treasury temporarily waive business crypto reporting requirements

IRS and Treasury say businesses do not have to report cryptocurrency receipts until new regulations are issued.

In a press release on Jan. 16, the Internal Revenue Service (IRS) said in a joint statement with the U.S. Treasury Department that American businesses do not have to report their receipts in cryptocurrencies the same way they do with cash. However, the regulators noted the exception will only last “until Treasury and IRS issue regulations.”

“Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets, giving the public an opportunity to comment both in writing and, if requested, at a public hearing.”

The IRS

The announcement does not impact the rules in place before the Infrastructure Investment and Jobs Act for reporting cash received in the course of a trade or business, the IRS said, adding that cash transactions over $10,000 received in a trade or business still must be reported on Form 8300, within 15 days of receipt.

The IRS introduced proposed new regulations in late September 2023, focusing on information reporting for specific crypto sales and exchanges. The primary objective of these regulations is to broaden existing reporting requirements to cover crypto transactions.

With the update, brokers would face new responsibilities under the proposed regulations, necessitating the submission of information returns and the provision of payee statements for designated crypto dispositions on behalf of their customers, which would require the introduction of a new IRS form.

The regulations are expected to take effect in 2026, with applicability to transactions in 2025, while specific provisions are set to become effective in 2027 for transactions occurring in 2026.

Blockchain firm Consensys said in a public response that the proposed regulations — if finalized as is — would impose a “new and complex regulatory scheme on software developers and others in a fast-growing industry with unique technical and operational features.”

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