Biden’s Tax Plan Requires Crypto Transfers Over $10K to Be Reported to IRS

Biden’s Tax Plan Requires Crypto Transfers Over $10K to Be Reported to IRS

The U.S. Treasury department today released a report that outlined the Biden administration's tax compliance plan, including a new requirement for cryptocurrency transfers of $10,000 or more to be reported to the IRS.

“As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on," the Treasury Department's report said.

According to the report, the Biden administration is concerned that cryptocurrency "already poses a significant detection problem by facilitating illegal activity broadly including tax evasion."

This story is developing and will be updated.

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