Brito also clarified that the law applies to individuals as well as businesses. He explained in an X post on Tuesday:

The obligation applies to *individuals* if they receive $10k+ in the course of their trade or business, not just ‘businesses.’ So, if I’m a miner (even as an individual) I’m covered. Also, if I’m a day trader (even as an individual) I’m covered.

“The Secretary requires ‘cash’ to be reported using Form 8300, but has not explained how cryptocurrency, which is now a form of ‘cash’ under the law, should be reported on this form,” he described, adding: “Form 8300 is today sent to FinCEN [Financial Crimes Enforcement Network] as well as the IRS. Unlike with physical cash transactions, FinCEN has no authority to collect reports concerning cryptocurrency transactions, so one cannot be required to send Form 8300 there.”

Noting that the Internal Revenue Service (IRS) “has not issued any guidance answering these and other questions,” Brito further pointed out that there is also currently no form provided by the Treasury Department to report crypto transactions.

He also questioned when someone makes a donation, such as in bitcoin (BTC) or ether (ETH), anonymously to a public address, who would the recipient list as the donor? “These are all questions the Treasury Department has yet to answer,” the executive director stressed.

The executive director outlined some potential challenges in complying with the new regulations. “For example, if a miner or validator receives block rewards in excess of $10,000, whose name, address, and social security number do they report?” he began. “If you engage in an on-chain decentralized exchange of crypto for crypto and you therefore receive $10,000 in cryptocurrency, who do you report? And by what standard should you measure whether an amount of a particular cryptocurrency is equivalent to more than $10,000?”

Coin Center is a leading non-profit research and advocacy center focused on the public policy issues facing cryptocurrency. The organization filed a lawsuit against the Treasury Department in June 2022 challenging the constitutionality of this new crypto law. However, Brito emphasized that “the case is still in the courts,” cautioning: “Unfortunately for the time being there is an obligation to comply — but it’s unclear how one can comply.”

“The report 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,” Coin Center executive director Jerry Brito detailed, adding:

This law became effective on January 1st and all Americans are now subject to it … If you don’t file a report within 15 days of receiving the transaction, you could be found guilty of a felony offense.

New Crypto Tax Law Takes Effect on Jan. 1
Effective Jan. 1, 2024, the Infrastructure Investment and Jobs Act, which passed in November 2021, requires “anyone who receives $10,000 or more in cryptocurrency in the course of their trade or business to make a report to the IRS about that transaction,” crypto policy advocate Coin Center explained in a blog post on Tuesday.

A new tax reporting law has entered into force in the U.S. Starting on Jan. 1, all Americans receiving $10,000 or more in crypto in the course of their trade or business must file a report with the Internal Revenue Service (IRS) within 15 days. “If you don’t file a report within 15 days of receiving the transaction, you could be found guilty of a felony offense,” Coin Center warned.

TAXES
by Kevin Helms

Jan 03, 2024
75334
New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days.

xiaoeh Sifu, i3 lurker Sir also looking up to you.
From now onwards, xiaoeh Sifu, and i3 lurker Sifu , two of you please advise me a newbie.



Posted by Balian de Ibelin > Feb 19, 2024 6:41 PM | Report Abuse
Myself Newbie better follow Sifu Xiaoeh queue buy 32 sen. 😁👍

Posted by Income > 13 minutes ago | Report Abuse

Balian Sir, wahhh this Scib is really my pet Arowana. Always want to give me Rm. This time I must be more patient waiting for my pet Arowana.
Thanks Balian Sifu.
Balian Sir, you all in or not at 36 sen???


xiaoeh
1353 posts
Posted by xiaoeh > Feb 19, 2024 7:11 PM | Report Abuse

Ai yo,
Im dumb one newbie always have faith in u leh i3Lucker bro
Myself will also follow your new 11sen target leh

To tell you guys the truth, I admit I am wrong to assign my AI software to post replies here. If you see my replies in rapid succession, that’s my AI software doing its posting here on my behalf. Just ignore my AI postings here. I let my AI software training here because you all have posted input here. My AI software needs training by learning from your inputs here. I have no other reasons other than this sole reason as to why I let my AI software trainings its learning here, especially in the forum I frequently attend.

Balian Sir, wahhh this Scib is really my pet Arowana. Always want to give me Rm. This time I must be more patient waiting for my pet Arowana.
Thanks Balian Sifu.
Balian Sir, you all in or not at 36 sen???



Posted by Balian de Ibelin > Feb 19, 2024 4:51 PM | Report Abuse
Income
Your 36 sen Big Mac mari again. (buy at your own risk)

Today Red Arowana appears．

Wait for me scib, I need to sell my brand new Kancil (refurbished, of courses ) and sell my parents land first b4 can ALL IN here

Balian Sir, l am waiting to buy in. I'm also looking for people buy my brand new Kancil And I'm also looking to persuade and convince my parents to sell their land for me to invest ALL IN Scib．Balian sir. I'm looking forward your teaching me here.

StartOfTheBul AKA Mike CC,
Digging up people i3, 7 generations of history haha Got caught by me．


Posted by StartOfTheBull > Feb 19, 2024 3:16 PM | Report Abuse
Income is a freelancer, works 24/7/365 around the clock ⏰ in i3, including CNY, Christmas and other festive seasons.

Ayahh, you start Oft the bye very bodó．You are AKA Mike cc digging 7 generations of people i3 history. I actually give command to my Al software to comment in i3 during 24/7 everyday．
You so bodó．


Posted by StartOfTheBull > Feb 19, 2024 3:16 PM | Report Abuse
Income is a freelancer, works 24/7/365 around the clock ⏰ in i3, including CNY, Christmas and other festive seasons.

Balian sir, u don't want green arowana．See what happen now.

I Have told to buy green arowann this morning but u dilly dally. Now Scib is red like Red Arowana． How?

The U.S. and U.K. bomb more Houthi sites in Yemen

JANUARY 22, 20248:39 PM ET
By The Associated Press

This image provided by the U.S. Navy shows an aircraft launching from USS Dwight D. Eisenhower (CVN 69) during flight operations in the Red Sea on Monday.
Kaitlin Watt/U.S. Navy via AP

WASHINGTON — The U.S. and British militaries bombed multiple targets in eight locations used by the Iranian-backed Houthis in Yemen on Monday night, the second time the two allies have conducted coordinated retaliatory strikes on an array of the rebels' missile-launching capabilities.

According to officials, the U.S. and U.K. used warship- and submarine-launched Tomahawk missiles and fighter jets to take out Houthi missile storage sites, drones and launchers. The officials, who spoke on condition of anonymity to discuss a military operation, said Australia, Bahrain, Canada and the Netherlands contributed to the mission, including with intelligence and surveillance.

In a joint statement, the six allied nations said the strikes specifically targeted a Houthi underground storage site and locations associated with the Houthis' missile and air surveillance capabilities. They added, "Our aim remains to de-escalate tensions and restore stability in the Red Sea, but let us reiterate our warning to Houthi leadership: we will not hesitate to defend lives and the free flow of commerce in one of the world's most critical waterways in the face of continued threats."



Beware, Mike CC tut tut Red Sea Houthi pirates bombshelled by US and UK in January 2024… No more dare to tut tut in i3

This year Tut tut Red Sea pirates Huthi fighting with America，
America last last send jet fighters to bombed Mike CC Huthi hide outs at Red Sea．

https://www.npr.org/2024/01/22/1226222496/us-uk-airstrikes-houthis-yemen

22 Jan 2024 — The U.S. and U.K. said they used warship- and submarine-launched Tomahawk missiles and fighter jets to take out Houthi missile storage．．，

Mike CC as TutTut last year 2023 every week swing here, swing there.
Now TutTut can't swing here and swing there anymore．Out of money, how to swing. Tut Tut no more Red Sea pirates．

At last MikeCC himself reveal that he is actually tut tut paktua．
Haha I know now who is tut tut the Red Sea Pirates．



Posted by Mikecyc > Feb 19, 2024 1:24 PM | Report Abuse

Haha Red Sea Captain Tut Tut cannot Swing Swing Swing anymore after Kena TopGlove RM 3.80 sliding down .. hahahaha

The U.S. and U.K. bomb more Houthi sites in Yemen

JANUARY 22, 20248:39 PM ET
By The Associated Press

This image provided by the U.S. Navy shows an aircraft launching from USS Dwight D. Eisenhower (CVN 69) during flight operations in the Red Sea on Monday.
Kaitlin Watt/U.S. Navy via AP

WASHINGTON — The U.S. and British militaries bombed multiple targets in eight locations used by the Iranian-backed Houthis in Yemen on Monday night, the second time the two allies have conducted coordinated retaliatory strikes on an array of the rebels' missile-launching capabilities.

According to officials, the U.S. and U.K. used warship- and submarine-launched Tomahawk missiles and fighter jets to take out Houthi missile storage sites, drones and launchers. The officials, who spoke on condition of anonymity to discuss a military operation, said Australia, Bahrain, Canada and the Netherlands contributed to the mission, including with intelligence and surveillance.

In a joint statement, the six allied nations said the strikes specifically targeted a Houthi underground storage site and locations associated with the Houthis' missile and air surveillance capabilities. They added, "Our aim remains to de-escalate tensions and restore stability in the Red Sea, but let us reiterate our warning to Houthi leadership: we will not hesitate to defend lives and the free flow of commerce in one of the world's most critical waterways in the face of continued threats."



Beware, Mike CC tut tut Red Sea Houthi pirates bombshelled by US and UK in January 2024… No more dare to tut tut in i3

This year Tut tut Red Sea pirates Huthi fighting with America，
America last last send jet fighters to bombed Mike CC Huthi hide outs at Red Sea．

https://www.npr.org/2024/01/22/1226222496/us-uk-airstrikes-houthis-yemen

22 Jan 2024 — The U.S. and U.K. said they used warship- and submarine-launched Tomahawk missiles and fighter jets to take out Houthi missile storage．．．

Mike CC as TutTut last year 2023 every week swing here, swing there.
Now TutTut can't swing here and swing there anymore．Out of money, how to swing. Tut Tut no more Red Sea pirates．

At last MikeCC himself reveal that he is actually tut tut paktua．
Haha I know now who is tut tut．



Posted by Mikecyc > Feb 19, 2024 1:24 PM | Report Abuse

Haha Red Sea Captain Tut Tut cannot Swing Swing Swing anymore after Kena TopGlove RM 3.80 sliding down .. hahahaha

Typo*
I thank you to Balian Sir, to hopefully guide me here to project millionaire．Without him, my project millionaire can't be started.
Balian Sir show me this scib to invest*

At last MikeCC himself reveal that he is actually tut tut paktua．
Haha I know now who is tut tut．



Posted by Mikecyc > Feb 19, 2024 1:24 PM | Report Abuse

Haha Red Sea Captain Tut Tut cannot Swing Swing Swing anymore after Kena TopGlove RM 3.80 sliding down .. hahahaha

I thank you to Balian Sir, to hopefully guide me here to project millionaire．Without him, my project millionaire can't be started.
Balian Sir show me this scib to invite.

If year 2024 project millionaire can't be achieved..．Then l will try in 2025 another project millionaire．

At last MikeCC himself reveal that he is actually tut tut paktua．
Haha I know now who is tut tut．



Posted by Mikecyc > Feb 19, 2024 1:24 PM | Report Abuse

Haha Red Sea Captain Tut Tut cannot Swing Swing Swing anymore after Kena TopGlove RM 3.80 sliding down .. hahahaha

Dino 🦕 talking rubbish here. Surely trap for another 12 years minimum la.
U will get the title Dino 🦕 of i3
Hahahaha


Posted by leno > Feb 18, 2024 1:25 PM | Report Abuse

2.0 to 2.5 sen
u call that contribution
if that dumb old man
did not write letter
dividend could be 80 sen this year

since he going to write useless letter
this year dividend will remain SAME 2.5 sen
Next year will be the SAME 2.5 sen
u wan to bet ?

Once he stop writing useless letter
INSAS will shoot up to RM 60 RINGGIT lor
u wan to bet ?

That is why leno is doing a good service
to insas and that dumb old man
untrap himself from value trap
and go buy other stock
win win mar

somemore last time he promise
and swear that if insas did not increase dividend to 40 sen
he will dump all insas shares
this dumb old man not only dumb but got no integrity one

DO NOT GET TRAP IN INSAS
Just sit back, watch and LAUGH
at LENO got TRAP in INSAS

Sorry typo…
I believe another 15 years of AI as PM, Bursa will shoot up 800% from ***2022 Bursa closing index.
Don’t worry, be happy 😃

I believe another 15 years of AI as PM, Bursa will shoot up 800% from 2023 Bursa closing index.
Don’t worry, be happy 😃

I try to convince my parents to sell their land to invest in Bursa. They said they need to think first. If my parents land can be sold off, I will Fifo that money here. Project millionaire.

Sslee Sir, someone will be trapped in Jaks for maybe 20 years more years in Jail than Dino only trapped 12 years. Haha

Sslee Sir，
don’t worry about him. He always says he bought lower price And 500 units for case study。He never bankrupt。Exceptional talented rat.



Posted by Sslee > Feb 19, 2024 12:28 PM | Report Abuse

Kasian someone promote jaks 24/7/365 for the past 8 months.
Jaks no movement at all.
Cannot even FIFO for coffee money.

U are half correct. Fifo… u must fast in fast out to gain profit. The keyword is Fast…
Slow tortoise better do not Fifo la.




Posted by xiaoeh > Feb 19, 2024 12:25 PM | Report Abuse

my personal view for FIFO (correct me if wrong):
u need a very big heart as sometimes u need to chase high and higher
mine only small heart leh
will belly up halfway through

Now I try to sell my Kancil, sell my Mee Daddy Family Pack… to collect Rm to ALL IN HERE.
Project millionaire is started here by myself for my dream to becoming millionaire.

Do not be Kiasi and Kiasu Bro.
Manage your risk la.
Winning more than losing… Road to successful Millionaire…



Posted by xiaoeh > Feb 19, 2024 12:14 PM | Report Abuse

FIFO has high risk bro
u may end up win small and losing big bro

Project Millionaires here.

Tp 1.20 can be multiple baggers Scib.
So full 2024, I focus Fifo here to be millionaire…go to Nusantara and live happily there.
Hopefully 🤞 Tp will be achieved.

Felix … I know who you are. Happy 😃 to know Felix Aka ialah … owner please fill in your own name

StartOfTheBull… I know who you are. Happy 😃 to know StartOfTheBull Aka ialah … owner please fill in your own name

DeMusang dah MIA in Ukraine pergi perang Russia.🇷🇺.
MrFox Aka … I know who you are. Happy 😃 to know MrFox Aka ialah … owner please fill in your own name

Balian Sir, cepat buy green Arowana. Pasti Scib green big one.☝️

Come on. Can’t Fifo. Balian Sifu, cepat push up 🆙. Baru cantekkkkk

It’s StartOfTheBye id = LimitUp



Posted by Mikecyc > Feb 19, 2024 11:33 AM | Report Abuse
Haha more aka id is surfaced …

LimitUp
LimitUp | Joined since 2014-04-18

SpeakUp, your information very important. Good job