US Treasury wants cryptocurrency transfers over $10,000 to be reported to the IRS
Read Time:36 Second

US Treasury wants cryptocurrency transfers over $10,000 to be reported to the IRS

0 0

Illustration by Alex Castro / The Verge

The US Treasury Department said Thursday it will require any cryptocurrency transfer worth $10,000 or more to be reported to the IRS. “Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the agency said in a new report on tax compliance proposals. “This is why the President’s proposal includes additional resources for the IRS to address the growth of cryptoassets.”

The Treasury report said that even though cryptocurrency transactions are a small fraction of business transactions in the US, requiring large crypto transactions to be reported would help “to minimize the incentives and opportunity to shift income out of the new information reporting regime.”

The…

Continue reading…

About Post Author

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous post Blizzard shows off Overwatch 2’s new 5 vs. 5 multiplayer and a trio of maps
Next post Apple employees call for company to support Palestinians in internal letter