IRS Announces $10,000 Reporting Rule Won’t Apply to Crypto for Now

The IRS announced this week that a reporting rule set to go into effect in 2024 doesn’t apply to cryptocurrencies ‘until regulations are issued.’

In a file photo, a postal worker is seen putting stamps on envelopes heading to the IRS Monika Graff/Getty Images

The Internal Revenue Service (IRS) said that a new reporting rule set to go into effect in 2024 doesn’t apply to cryptocurrencies “until regulations are issued.”

In a news release on Jan. 16, the tax agency said that 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.”