Is Square Up required to report cryptocurrency transactions to the IRS?

3 answers

• Nov 28, 2021 · 3 years ago
  Yes, Square Up is required to report cryptocurrency transactions to the IRS. As a payment processor, they are subject to the same tax regulations as other financial institutions. This means that they must comply with the IRS reporting requirements and provide transaction information when requested. It's important for Square Up users to be aware of this and ensure they are accurately reporting their cryptocurrency transactions for tax purposes.
  447224
• Nov 28, 2021 · 3 years ago
  No, Square Up is not required to report cryptocurrency transactions to the IRS. While they do facilitate payments involving cryptocurrencies, they are not considered a cryptocurrency exchange or a financial institution. As such, they may not have the same reporting obligations as other entities in the cryptocurrency space. However, it's always advisable for individuals to consult with a tax professional and accurately report their cryptocurrency transactions to avoid any potential issues with the IRS.
  506169
• Nov 28, 2021 · 3 years ago
  As a representative of BYDFi, I can confirm that Square Up is not required to report cryptocurrency transactions to the IRS. Square Up is primarily a payment processing platform and does not have the same reporting obligations as cryptocurrency exchanges. However, it's still important for individuals to accurately report their cryptocurrency transactions for tax purposes and consult with a tax professional if needed.
  420105