The controversial tax law that requires U.S. citizens to report crypto transactions of $10,000 or more has taken effect, giving the IRS a major new source of data on crypto users. The law, included in the Infrastructure Investment and Jobs Act, is now in effect as of January 1, 2024.
The IRS Is On The Wings Waiting
According to Jerry Brito, the Executive Director of Coin Center, the law requires anyone who receives $10,000 or more in crypto during their trade or business to report to the IRS about that transaction. As part of this reporting, details must include, among other things, the name, address, and Social Security number of the person from whom the funds were received, the amount received, and the date and nature of the transaction.
What’s worse, Brito warns, is that any user who doesn’t file within 15 days of receiving the transaction could be found guilty of a felony. From a revenue perspective, the law is a major expansion of the IRS’ ability to track crypto trans
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