IRS Delays Crypto Tax Rule Amid Lawsuit and Open Questions
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IRS clarifies that the $10K crypto tax reporting rule will not be enforced yet, regulations still need to be issued.
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The rule requires reporting personal info on those who pay over $10K in crypto for "trade or business" transactions.
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Unclear if the rule applies to things like staking, NFT flipping, or DAO payments.
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Crypto advocacy group Coin Center sued over the rule, arguing it is unconstitutional.
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Questions remain about who exactly the rule implicates and how it will work with decentralized networks.