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
