BREAKING: Bitcoin Drops Below $40K As Treasury Calls For Cryptocurrency Transfers Over $10,000 Reported To IRS

The U.S. Department Treasury said the Biden administration’s proposal to strengthen tax compliance includes a requirement for transfers of $10,000 and above of cryptocurrency to be reported to the Internal Revenue Service.

“As with cash transactions, businesses that receive crypto assets with a fair-market value of more than $10,000 would also be reported on,” the Treasury Department said in a report on tax-enforcement proposals.

President Joe Biden’s administration is also calling for banks to report on account flows to help boost tax-payment compliance.

“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said.

Bitcoin has dropped below the $40,000 level as on the new.

Source: AZCoin News

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