BREAKING: Bitcoin Drops Below $40K as Treasury Calls for Cryptocurrency Transfers Over $10,000 Reported to IRS
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.