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  • Writer's pictureConnie Chan

IRS won't arrest for not reporting $10K+ crypto transactions... yet.

The IRS has announced that it will not enforce the new rule requiring taxpayers to report crypto transactions of $10,000 or more within 15 days for the time being. The rule, part of the Infrastructure Investment and Jobs Act, has caused confusion and concern in the US crypto industry. The IRS decision offers temporary relief to businesses and crypto users, but questions remain about the future of cryptocurrency reporting and taxation. The IRS plans to issue new regulations and allow public comment, presenting an opportunity for stakeholders to shape a practical and fair approach to cryptocurrency taxation.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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