The U.S. Department of the Treasury and the IRS announced that businesses do not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and the IRS issue regulations.

The 2021 Infrastructure Investment and Jobs Act changed the rules requiring taxpayers that engage in a trade or business to report receiving cash of more than $10,000 by considering digital assets to be cash. Treasury and the IRS offered transitional guidance as they worked to implement new provisions required by the relevant section of the law.

The IRS plans to propose regulations that will provide more information and procedures for reporting the receipt of digital assets, allowing for comments in writing and, if requested, a public hearing, according to Accounting Today.

Cash received in the course of a trade or business still must be reported on Form 8300, Report of Cash Payments over $10,000 Received in a Trade or Business within 15 days of receiving the cash, in accordance with rules in effect before the law was enacted.