The IRS requires reporting of cryptocurrency transactions over $10,000, including the sender's name, address, and other details

2024-01-03 09:29:46

Collection

ChainCatcher news, according to Cointlegraph, some provisions of the U.S. President Biden's infrastructure bill have come into effect, including the requirement to report many digital asset transactions exceeding $10,000 to the Internal Revenue Service (IRS). This bipartisan infrastructure bill, passed by Congress and signed by President Biden in 2021, expanded the requirements for brokers, mandating that many crypto trading platforms and custodians report crypto transactions over $10,000 to the IRS.

The bill requires brokers to report crypto transactions exceeding $10,000 to the IRS within 15 days, including the sender's name, address, and Social Security number.

Jerry Brito, executive director of the nonprofit crypto research center Coin Center, stated that it is still unclear how to comply with the cryptocurrency tax reporting guidelines for 2024.

(Source Link)

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.