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US Infrastructure Bill Mandates Reporting of Crypto Transactions Over $10,000 to IRS
Summary: Aspects of the infrastructure bill signed into law by U.S. President Joe Biden are now in effect — including provisions requiring digital asset transactions worth more than $10,000 be reported to the Internal Revenue Service (IRS), according to reports by Cointelegraph. The bill mandates crypto brokers to report personal information on transactions to the IRS, including ...
Aspects of the infrastructure bill signed into law by U.S. President Joe Biden are now in effect — including provisions requiring digital asset transactions worth more than $10,000 be reported to the Internal Revenue Service (IRS), according to reports by Cointelegraph. The bill mandates crypto brokers to report personal information on transactions to the IRS, including the sender's name, address and social security number, within 15 days. Following the bill's passage, numerous legislators proposed further legislation aimed at amending the reporting requirements, arguing that the data required from brokers would be difficult or impossible to gather.
Author: Katie Lin
Tags: Bill,Digital Asset,infrastructure,Internal Revenue Service,IRS,Transactions
Link: US Infrastructure Bill Mandates Reporting of Crypto Transactions Over $10,000 to IRS [Copy]
