Illustration by Alex Castro / The Verge
The US Treasury Department said Thursday it will require any cryptocurrency transfer worth $10,000 or more to be reported to the IRS. “Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the agency said in a new report on tax compliance proposals. “This is why the President’s proposal includes additional resources for the IRS to address the growth of cryptoassets.”
The Treasury report said that even though cryptocurrency transactions are a small fraction of business transactions in the US, requiring large crypto transactions to be reported would help “to minimize the incentives and opportunity to shift income out of the new information reporting regime.”
The…
