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US seeks to have cryptocurrency transfers above US$10k reported to IRS: Treasury

US seeks to have cryptocurrency transfers above US$10k reported to IRS: Treasury

FILE PHOTO: A collection of virtual currency bitcoin tokens are displayed in this picture illustration taken Dec. 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

REUTERS: The Biden administration's tax enforcement proposal unveiled on Thursday includes a proposed requirement that cryptocurrency transfers over US$10,000 be reported to the Internal Revenue Service.

"As with cash transactions, businesses that receive cryptoassets with a fair market value of more than US$10,000 would also be reported on," the Treasury Department said in a report released alongside its wider proposals aimed at improving tax collection.

Source: Reuters

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