Do you need to report cryptocurrency on IRS Form 8300?

The Infrastructure Bill includes an information reporting requirement for cryptocurrency asset exchanges and custodians on an IRS Form 1099, and an information reporting requirement for certain persons who accept large payments in cryptocurrency in such person’s trade or business on an IRS Form 8300.

When do I need to file a Form 8300?

The tax code currently requires reporting on an IRS Form 8300 by any person who, in the course of such person’s trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions) by the 15th day after the date such cash was received.

Why did IRS delay Form 8300 reporting for digital asset transactions?

New IRS guidance delays Form 8300 reporting for digital asset transactions. Businesses who accept cryptocurrency as payment were relieved to hear that the IRS has delayed the requirement for reporting digital asset transactions that exceed $10,000 on Form 8300 until Treasury provides further regulations.