Crypto Community Up in Arms Over IRS Reporting

<p>In the deregulated symphony that is the crypto world, a dissonant note
struck when the IRS decided to call a new tune. </p><p>The crypto community, not one to shy away from expressing disdain, has orchestrated
a cacophony of frustration over the new IRS reporting rules. </p><p>IRS Strikes a Discordant Chord</p><p>The IRS, <a href="https://www.financemagnates.com/trending/the-irs-is-taking-a-mavericks-approach-to-recruitment/" target="_blank" rel="follow">looking for things for their new recruits to do</a>, and seemingly out of time with the crypto ethos, imposed new
reporting <a href="https://www.financemagnates.com/terms/o/obligations/">obligations</a> on U.S. citizens starting January 1. The rules require
crypto brokers to relay personal data to the IRS for transactions surpassing
$10,000. It’s a regulatory melody that sounds more like a dirge for privacy,
demanding the sender's name, address, and social security number.</p><p>Challenges in Meeting the Crescendo</p><p>Crypto thinktank Coin Center's Jerry Brito highlighted the new law and
pointed out the 15-day timeframe to get your details in. We’re assuming he wasn’t
a fan.</p><blockquote><p lang="en" dir="ltr">New crypto tax reporting obligations took effect on Jan 1. If you receive $10k or more in crypto you now have an obligation to report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days under threat of a felony charge. <a href="https://t.co/wyRsfJEpMo">pic.twitter.com/wyRsfJEpMo</a></p>— Jerry Brito (@jerrybrito) <a href="https://twitter.com/jerrybrito/status/1742246479593382207?ref_src=twsrc%5Etfw">January 2, 2024</a></blockquote><p>A Rebellious Refrain</p><p>Social media crypto evangelist and pseudo-celebrity Wendy O railed
against the paperwork, the time it will no doubt take and the general increase
in restrictions.</p><blockquote><p lang="en" dir="ltr">The new IRS crypto reporting law is dumb More paperworkMore time More restrictions On something that can be done end of year They are really trying to push folks overseas so in reality they are just hurting themselves Still comply because we pay our crypto taxes but the… <a href="https://t.co/aIQ4Dahukk">https://t.co/aIQ4Dahukk</a></p>— Wendy O (@CryptoWendyO) <a href="https://twitter.com/CryptoWendyO/status/1742289730757353639?ref_src=twsrc%5Etfw">January 2, 2024</a></blockquote><p>Silent Sheet Music: Frustration Amplified</p><p>Ryan Adams, founder of Mythos Capital, and author of Bankless, added
his notes of frustration, highlighting the fact that the filing requirements
were worryingly vague.</p><blockquote><p lang="en" dir="ltr">If you're a U.S. citizen and get $10k or more in crypto you have to report it to the IRS within 15 days or they can charge you with a felony.Starting now.They want name, address, ssn of the sender.Oh – and they're not telling you how to file the report.Yay