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Report cryptocurrency transactions over $10,000 to the IRS or face jail time? The situation with crypto taxation is complicatedThe new tax law appears to have a huge impact on cryptocurrency users, but who it might impact and when doesn't seem to be that simple. As 2024 begins, a loud cry is heard from all corners of the crypto community: The IRS is coming! The IRS is here! The uproar was sparked by a circulating section of the 2021 federal infrastructure law that would require reporting of key details related to certain cryptocurrency payments over $10,000, including payments starting on January 1, 2024. The person's name, address, and Social Security number. Penalties for filing felony criminal charges with the Internal Revenue Service (IRS).

Report cryptocurrency transactions over $10,000 to the IRS or face jail time? The situation with crypto taxation is complicated

The new tax law appears to have a huge impact on cryptocurrency users, but who it might impact and when doesn't seem to be that simple.

As 2024 begins, a loud cry is heard from all corners of the crypto community: The IRS is coming! The IRS is here!
The uproar was sparked by a circulating section of the 2021 federal infrastructure law that would require reporting of key details related to certain cryptocurrency payments over $10,000, including payments starting on January 1, 2024. The person's name, address, and Social Security number. Penalties for filing felony criminal charges with the Internal Revenue Service (IRS).
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