The IRS recently issued new guidance that has brought relief to businesses accepting cryptocurrency as payment. The guidance delays the requirement for reporting digital asset transactions that exceed $10,000 on Form 8300 until further regulations are provided by the Treasury. This change stems from the Infrastructure Investments and Jobs Act of 2021, which expanded the definition of cash to include digital assets.
Prior to the issuance of this new guidance, businesses subject to the law had to decide whether to comply in good faith or take a riskier approach of waiting for further guidance. The recent notice clarified that reporting can be delayed until additional regulations are established, easing the concerns of many in the crypto industry.
