The US Treasury has announced that the Biden administration’s proposal to strengthen tax compliance includes a requirement for cryptocurrency transfers of $10,000 or more be reported to the IRS, Bloomberg reports.
“As with cash transactions, companies that conduct cryptocurrency transactions with a market value of more than $ 10,000 will be reported,” the Treasury Department said in a report on tax proposals released Thursday.
Urmărește mai jos producțiile video ale Economedia:
- articolul continuă mai jos -
The treasury said reporting was needed “to minimize incentives and the opportunity to hide revenues from the new reporting regime.” The Treasury noted that cryptocurrency accounts for a small part of current business transactions.
“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said in a release.