US Treasury Requires Any Crypto Transfer Over $10K Be Reported as Tax Evasion Countermeasure | WHAT REALLY HAPPENED

US Treasury Requires Any Crypto Transfer Over $10K Be Reported as Tax Evasion Countermeasure

The US government has long considered how cryptocurrencies should be taxed, and has, as yet, not thoroughly determined how to go forward. Meanwhile, with digital currency prices skyrocketing over the past few years, not only investors, but big companies as well have gotten a taste for crypto assets.

The Internal Revenue Service (IRS) will demand that companies report and and all cryptocurrency transfers of over $10,000, the body said in a statement on Thursday.

"Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion", the release reads.
The action is part of US President Joe Biden’s recently announced $1.8 trillion American Families Plan that includes $80 billion in spending for the IRS to enhance its enforcement of high earners while carrying out overall modernization by “hiring new specialized enforcement staff, [and] modernizing antiquated information technology.”

Tags:

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA