Businesses are not required to report on the digital assets they receive until the IRS and Treasury Department issue regulations, the agency announced on Tuesday, Jan. 16.
This comes after the Infrastructure Investment and Jobs Act changed the rules, considering digital assets as cash for reporting purposes.
The IRS and Treasury have provided transitional guidance while they work on implementing the new provisions.
However, the announcement does not affect the reporting requirements for cash received in the course of a trade or business on Form 8300, Report of Cash Payments over $10,000 Received in a Trade or Business.