IRS Finalizes Digital Asset Reporting for Businesses
Effective Date: January 1, 2025
Summary
New requirements for reporting cryptocurrency and digital asset transactions in business operations.
Details
## Background
The IRS has finalized rules requiring businesses to report digital asset transactions with the same rigor as traditional financial transactions.
## Requirements
- Report all digital asset receipts over $600
- Maintain detailed transaction records
- Include fair market value at time of transaction
- Report stablecoin transactions
## Effective Date
Requirements apply to tax years beginning after January 1, 2025.
## Penalties
Failure to report can result in standard information return penalties plus potential fraud penalties for willful non-compliance.