How it works
A business that receives more than 10,000 dollars in cash in one transaction or related transactions must file Form 8300 within 15 days, identifying the payer. The Infrastructure Investment and Jobs Act extended the requirement to digital assets, but the IRS announced businesses need not report digital assets on Form 8300 until regulations are issued. Check current status before relying on either position.
Why it matters
When the rule takes effect, a business accepting large crypto payments will need the payer’s identifying information within 15 days, which most crypto payment flows do not collect.
Related: paying employees in crypto. Read more: the delayed digital asset Form 8300 rule.
