IRS Law Mandates Reporting Crypto Trades

The IRS has brought about a substantial transformation in the U.S. blockchain sector by implementing a fresh tax reporting law for “digital asset” trades, including crypto, starting from January 1, 2024.

In a bid to crack down on money laundering, individuals and businesses receiving $10,000 or more in digital assets must report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days.

Coin Center, a crypto policy advocate, highlights the new regulation’s profound implications, noting that non-compliance with this “new crypto tax reporting” will lead to felony charges, as emphasized by the company’s executive director, Jerry Brito:

New crypto tax reporting obligations took effect on Jan 1.

If you receive $10k or more in crypto you now have an obligation to report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days under threat of a felony charge. pic.twitter.com/wyRsfJEpMo

— Jerry Brito (@jerrybrito) January 2, 2024

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.