IRS and Treasury Temporarily Exempt Businesses from Reporting Large Digital Asset Transactions
TL;DR
The Treasury Department and IRS have announced that businesses are not required to report the receipt of digital assets in the same way as cash until regulations are issued, as per the Infrastructure Investment and Jobs Act. Transitional guidance has been provided while new provisions are implemented, and proposed regulations will be issued to provide additional information and procedures for reporting the receipt of digital assets, with an opportunity for public comment.
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