The U.S. Treasury department today released a report that outlined the Biden administration’s tax compliance plan, including a new requirement for businesses to report cryptocurrency transfers of $10,000 or more to the IRS.
“As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on,” the Treasury Department’s report said.
According to the report, the Biden administration is concerned that cryptocurrency “already poses a significant detection problem by facilitating illegal activity broadly including tax evasion.”
The Treasury report acknowledged that the crypto market had grown to $2 trillion in the past year, and therefore needed to be watched closely—especially as “cryptocurrency transactions are likely to rise in importance in the next decade.”
It also said that there are more ways people can dodge paying taxes—including via the crypto economy—because the IRS is slow to catch up with modern te
Źródło: https://decrypt.co/71544/bidens-tax-plan-crypto-transfers-10k-irs
