The IRS is informing businesses that they don’t have to report the receipt of digital assets the same way they report the receipt of cash until the IRS issues final regulations. The Infrastructure Investment and Jobs Act (IIJA) revised the rules requiring taxpayers engaged in a trade or business to report receiving cash of more than $10,000 by expanding the definition of cash to include digital assets. This provision requires the IRS to issue final regs before it goes into effect. The announcement doesn’t affect pre-IIJA rules for cash received in a trade or business. In that case, the cash must be reported on Form 8300 within 15 days of receipt. To learn more: https://bit.ly/48XEBOY. Contact us with questions © 2024