IRS - IRS Hits The Pause Button On $10K Crypto Tax Rule: What's Next? | Benzinga
The Internal Revenue Service will be putting a pause on its contentious $10,000 cryptocurrency tax rule.
What Happened: As reported by Decrypt, the IRS and the Treasury Department jointly issued a statement on Tuesday, signaling their updated stance concerning the new tax rule. This rule has generated extensive concern in the crypto space, primarily due to its mandate for Americans to report any cryptocurrency transactions exceeding $10,000.
According to the agencies, enforcement of this rule will be postponed. The statement read, “Businesses… do not have to report the receipt of digital assets the same way as they must report the receipt of cash until ...