New IRS crypto reporting rules spark confusion and concern
• A new law requires reporting crypto transactions over $10K to the IRS starting 1/1/2024, causing worry among crypto users about facing jail time • Tax experts say the law likely won't apply to most average crypto investors and traders • The law requires identifying info on those paying over $10K in crypto for a "trade or business," which has no clear definition • The IRS says the law isn't in effect yet and enforcement could be months or years away due to ongoing litigation • Even if not enforced yet, the law poses a threat and people should be aware of the potential reporting obligations