IRS says businesses can hold off on reporting crypto, for now 

There are fresh reporting requirements for crypto, but the Treasury says businesses get a pass until they can finalize the new rules

article-image

US Treasury Secretary Janet Yellen | Alexandros Michailidis/Shutterstock modified by Blockworks

share

The US Treasury Department and Internal Revenue Service on Tuesday announced that businesses do not have to report the receipt of digital assets — not yet, at least.

As determined by the Infrastructure Investment and Jobs Act enacted in 2021, taxpayers engaged in a trade or business must report receiving cash, which includes digital assets, when the value exceeds $10,000. Tuesday’s guidance clarifies that this particular provision will not take effect until the Treasury and IRS issue regulations. 

The Treasury and IRS “intend to prescribe regulations, to provide additional information and procedures for reporting the receipt of digital assets,” Tuesday’s announcement states. The agency does not give a deadline or timeline for policy. 

Read more: Who’s affected by new crypto tax reporting obligations in the US?

The Treasury and IRS issued proposed rules for digital assets in August 2023, in which officials suggested defining “digital asset brokers” as “trading platforms, digital asset payment processors, certain digital asset hosted wallet providers and persons who regularly offer to redeem digital assets that were created or issued by that person.” 

Notably, and to the delight of many industry members, the agencies exempt individual miners and validators from the “broker” classification. 

Still, the rules, if passed, would add responsibilities that many industry players find troubling. The proposed rule change has not been finalized. 

The Treasury said Tuesday that it intends to publish regulations, alongside the IRS, that deal specifically with the issue of reporting digital assets. The agency will also provide updated forms and instructions, the announcement added, and, until then, these disclosures are not yet required. 

“Persons engaged in a trade or business who, in the course of that trade or business, receive cash (other than digital assets) in excess of $10,000 in one transaction (or two or more related transactions) must continue to file an information return under section 6050I with respect to that cash received,” the agency clarified.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

The DeFi Education Fund has ideas on how the crypto-friendly SEC can bring Commissioner Peirce’s vision to life

article-image

“Be prepared to do more with less,” Framework Ventures’ Michael Anderson said

article-image

Q1 may have been “frustrating,” but things are looking brighter for Q2

article-image

Tokens worth 20% of the current supply of the TRUMP memecoin launched by the president are set to be unlocked tomorrow

article-image

A crypto-industry lawsuit is “moot” now that Joint Resolution 25 has been signed into law

article-image

Fed Chair Powell assured markets that the labor market is in “good place,” dependent on price stability