The truth about the new $10,000 IRS Crypto rule

As promised, I got my amazing CPA Scott to come on here to explain what is happening with the IRS and their brand new law requiring certain disclosures for transactions over $10,000.

As always, I am not an expert or a financial advisor in anything so I have people like Scott come on the channel. I will link his website below

https://www.scottjmartin.com/

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As you know the public servants and the three L agencies are coming for the crypto industry earlier this year the IRS came out and said if you make a transaction over 10,000 in crypto assets there are certain reporting requirements you need to do so you don’t get in

Trouble but what they failed to do is actually create an underlying law explaining how to file this report yes yes I know we’ve talked about it on the show and I’ve got my CPA Scott he’s going to go ahead and explain what this is what you need to do and what you need

To pay attention to as always make sure to like this video If you think crypto taxes are a scam but you still pay them anyways because you do not want to get fined or go to jail also to you guys I am not a CPA I am not a financial

Adviser I will get experts on my show that can help you with these things and if you want to contact Scott if you want to hire him or any other experts I have on the channel you can go to my website crypto Indo I think SL links not sure

But go ahead and go there and let’s listen to Scott thanks Wendy okay there’s been a bunch of chatter in social media regarding the IRS ruling regarding section 605i reporting lately let’s break that down for you so you know exactly what’s going on right now 26 us code section

605i relates to reporting of cash received in trade or business exceeding $10,000 was originally released in July of 1984 as a way of combating money laundering so it’s about 40 years old it was amended with a recent infrastructure investment and jobs Act and the big change is a small legal change but a

Huge procedural one which changes the definition of cash to include digital currencies let’s go over who we must report how we’re going to report and any additional requirements all right any person or entity engaged in a Trader business who receives more than $10,000 in digital assets must report this does

Not include any transfers or payments for transactions that are not in a business uh that are not a business transaction so basically if uh your friend’s paying you back a $112,000 loan not reportable or if a family member gives you $20,000 in crypto not reportable all right how are we going to

Report this we are we’re going to file a form 8300 which is going to include the name address and T or social security number of the person from whom the cash or digital assets was received we’re going to need to list out the amount of digital Assets in USD and also

The date and nature of the transaction additionally we are going to have to provide a report to anybody that reported on meaning the people that sent us the digital currency the crypto we’re going to have to send them a report of the total amount that we actually

Reported to the government that’s got to be done by January 15th of the following year let’s go over this one more time gets kind of complex this applies to any receipts of digital assets over $10,000 even if they’re in separate payments you’re going to gather the information from the center

Including their name identification and you must secure a copy of an identifying document driver’s license passport something along those lines you’re going to register this is a onetime thing you’re going to register your name or company name with the financial crimes enforcement Network you’re going to download their version of the form 8300

Fill it out with your information as well as the sender’s information and upload it into their portal within 15 days of the receipt of the digital asset or assets don’t forget to send a report of all the submitt to the sending parties at the end of the year by

January 15th good news is the IRS hasn’t got all this figured out yet even if you look at the form 8300 you’ll notice that there isn’t even a box for digital assets or crypto so the IRS has announced uh in their announcement uh 2024 D4 that businesses right now are

Not required to report the receipt of digital assets until the IRS issues final regulations they don’t have their system set up just yet so uh there’s no requirement to report on it right now but definitely get your system set up because this is going to become part of

The uh required governance from the IRS probably within the next six months we’ll keep you posted