US TREASURY WANTS CRYPTOCURRENCY TRANSFERS ABOVE $10,000 TO BE REPORTED TO IRS AS THEY ARE A TAX EVASION RISK

The US Treasury Department plans to crack down on cryptocurrency transfers, requiring anything above $10,000 to be reported to the IRS.

The move, which the department announced Thursday, is part of an effort to curb illegal activity associated with the currency, including tax evasion.

“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury Department said in a report.

“This is why the president’s proposal includes additional resources for the IRS to address the growth of cryptoassets. 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,” the report continued.

This post first appeared on Thesun.co.uk

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