U.S. to report cryptocurrency transfers above $10k to IRS

The Biden administration’s tax enforcement proposal unveiled on Thursday includes a proposed requirement that cryptocurrency transfers over $10,000 be reported to the Internal Revenue Service.

“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 said in a report released alongside its wider proposals aimed at improving tax collection.

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