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.”

(Excerpt) Read more Here | 2021-05-20 11:52:11
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