The U.S. Treasury Department wants to report cryptocurrency transfers exceeding $10,000 to the IRS | Crypto News

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The Biden government’s proposal to hunt down tax evaders is being extended to the cryptocurrency world. The International Internal Revenue Service (International Internal Revenue Service) added a word about cryptocurrency to its personal tax returns in 2020.

after Bloomberg

The U.S. Treasury Department stated that the Biden administration’s proposal to strengthen tax compliance includes a requirement to transfer at least $10,000 of cryptocurrency and report it to the IRS.

The U.S. Treasury Department said in a report on tax recommendations issued on Thursday: “Like cash transactions, it will also report on companies that accept crypto assets with a fair market value of more than $10,000.”

The Ministry of Finance stated that a comprehensive report is necessary “to minimize the incentives and opportunities for transferring revenue from the new information reporting system.” It pointed out that cryptocurrency only accounts for a small part of current business transactions.

In the US Internal Revenue Service’s announcement, Bitcoin curtailed Wednesday’s rout, which reduced the price of the token by approximately $3,000. As of 12:33 pm New York time, it was up 3% to close to $39,000. Stocks linked to cryptocurrencies, such as Coinbase and MicroStrategy, have also reversed their gains.

The U.S. Internal Revenue Service (IRS) added a word about cryptocurrency to Form 1040 (Individual Tax Return) in 2020 in order to gain a deeper understanding of virtual currency transactions.

President Joe Biden’s government also called on banks to report account traffic to help improve tax compliance.

The Ministry of Finance stated: “By extensively promoting illegal activities, including tax evasion, cryptocurrency has posed a major investigation issue.”



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