IRS - Biden-Backed Bill Triggers IRS Reporting For $10K+ Crypto Transactions In 2024 — Coin Center Responds | Benzinga
The infrastructure legislation, championed by President Joe Biden, which received bipartisan support and was enacted in 2021, is now operational.
What Happened: This new law imposes reporting obligations on cryptocurrency brokers, necessitating that transactions exceeding $10,000 be disclosed to the Internal Revenue Service (IRS).
As part of a broader effort to bridge the tax gap in the U.S., the infrastructure bill compels crypto exchanges and custodians to submit client details, including names, addresses, and social security numbers, associated with transactions, within a 15-day window.
This requirement, originally marked for January 2023 commencement, results in businesses sending their first reports to the IRS in 2024.
The implementation of this law has prompted concerns from industry figures, including one from the cryptocurrency-focused non-profit Coin Center’s executive director Jerry Brito, who ...