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).