The Treasury Department and Internal Revenue Service (IRS) have announced a transitional phase in the implementation of new reporting rules for small businesses dealing with digital assets. This move grants temporary relief to businesses from the stringent reporting requirements for certain transactions involving digital assets.
The Treasury and IRS have issued Announcement 2024-4PDF, which specifies that businesses are not required to report the receipt of digital assets in the same manner as cash transactions exceeding $10,000. This guidance comes as part of the transitional measures while the Treasury and IRS work on implementing new provisions established by the Infrastructure Investment and Jobs Act.
