of The Internal Revenue Service announced Tuesday that until new regulations are issued, companies will not have to report digital assets in the same way as cash.
infrastructure investment and employment law; Enforced The Jan. 1 law requires companies to report virtual currency transactions of $10,000 or more as if they were cash.
This clause is problematic lawsuit The case was filed against the IRS by the cryptocurrency lobbying group CoinCenter. CoinCenter argued that the rule would “impose a regime of mass surveillance on ordinary Americans.”
“The Treasury Department and the IRS intend to issue proposed regulations that will provide additional information and procedures for reporting the receipt of digital assets and provide the public with an opportunity to comment in writing and, if requested, at a public hearing.” the IRS said in a statement. statement.
“Nothing in this announcement will affect people's income tax liability.” Persons engaged in a trade or business that receive digital assets and persons who use digital Assets are required to make payments in the above types of transactions,” the tax authority said.
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