IRS Form 8300 and Crypto

I've seen a lot of posts about IRS form 8300 and how it relates to crypto on CT. Let me clear some things up:

IRS Form 8300 Reporting:

• If your business receives more than $10,000 in crypto for goods or services, you must report it to the IRS using Form 8300. This applies to direct sales, barter transactions, or trades for other assets.

• It's important to note that personal, non-business crypto transactions AREN'T subject to this form.

  More Details:

• The form isn't just for single transactions. If you have multiple related payments that add up to over $10,000, they count too.

• The value of crypto is considered at the time of the transaction. The form requires detailed information from both parties, including the payer's address and Taxpayer Identification Number (TIN).

PLEASE always, ALWAYS report your crypto and reach out to a pro if you need help. The IRS has been cracking down on crypto compliance more and more. Having this tax knowledge can save you from an audit and huge penalties!