US Treasury Calls for Businesses to Report Crypto Transfers of $10K to the IRS

Forum 2 years ago

US Treasury Calls for Businesses to Report Crypto Transfers of $10K to the IRS

The report highlighted virtual currencies alongside cash as potential ways to hide income from the government.

A new report from the U.S. Department of the Treasury is calling for business that receive transfers of $10,000 and above in crypto to report it to the Internal Revenue Service.

The report highlighted virtual currencies alongside cash as potential ways to hide income from the government.

“Despite constituting a relatively small portion of business income today, cryptocurrency transactions are likely to rise in importance in the next decade, especially in the presence of a broad-based financial account reporting regime,” the department wrote.