US Wants to Force People to Report Crypto Transfers Over $10,000 to the IRS
District of Columbia | May 20, 2021
The U.S. government on Thursday suggested mandating the reporting of any cryptocurrency transfers over $10,000 to the IRS, the latest proposal by federal officials to introduce more red tape into the crypto space.
“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 said in a report on efforts to improve tax compliance.
“Although cryptocurrency is a small share of current business transactions, such comprehensive reporting is necessary to minimize the incentives and opportunity to shift income out of the new information reporting regime,” it added.
Federal law already requires people report cash transactions of more than $10,000 to the IRS.
Bitcoin and other cryptocurrencies have become increasingly popular among Americans, helping some of the currencies increase significantly in value…
(Excerpts from the Epoch Times)