Bitcoin Transactions Over $10,000 Soon To Be Reported To IRS?

If the current “administration” has its way in the US, Bitcoin transactions over $10,000 will be reported to the IRS:

U.S. WANTS TO REQUIRE THAT LARGE BITCOIN TRANSACTIONS ARE REPORTED TO IRS

A tax enforcement proposal from the Biden administration would compel businesses accepting bitcoin transactions of more than $10,000 to report them to the Internal Revenue Service (IRS).

“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” according to a report from the U.S. Department of the Treasury on tax enforcement proposals, issued today. “Within the context of the new financial account reporting regime, cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies would be covered. Further, as with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on.”

The report was part of a larger announcement about new methods to combat tax evasion being explored by the Biden administration. These would include providing more funding and resources to the IRS and instituting harsher penalties for tax evaders, per CNBC.

Full article here: https://bitcoinmagazine.com/business/u-s-seeking-bitcoin-transaction-reports

 

Master Asked on May 20, 2021 in Bitcoin.
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