Tech News

US wants to report IRS on cryptocurrency transfers over $ 10,000 – € 8,200

Pinterest LinkedIn Tumblr

The Treasury report said that while cryptocurrency transactions are a small fraction of commercial transactions in the U.S., it now requires large cryptographic transactions to be reported, which would help “minimize incentives and the opportunity to transfer revenue from the new reporting regime. of information. “The agency says the cryptocurrency” largely facilitates illegal activity, including tax evasion. “

The U.S. Treasury Department said on Thursday that it will require any cryptocurrency transfers worth $ 10,000 (approximately € 8,200) or more to be reported to the IRS.

“Cryptocurrency already represents a significant detection problem by facilitating illegal activities widely including tax evasion,” said the agency in a new report on tax compliance proposals. “That’s why the president’s proposal includes additional resources for the IRS to deal with the growth of‘ encryptassets ’. “

US wants to report IRS on cryptocurrency transfers over

The Ministry of Finance plan outlined several policies aimed at increasing tax enforcement, which, in addition to the new cryptocurrency proposals, includes new reporting requirements and a large increase for the IRS budget. “At the heart of these proposals is the commitment to revitalize tax inspection,” says the report.

“Working to close the tax gap, they reflect the commitment to end our two-tier tax system, in which most American workers pay all their obligations, but those who earn a lot, and who accumulate income from opaque sources, many sometimes they don’t. “

The Treasury Department’s Office of Tax Analysis estimated that the proposed updates would raise an additional $ 700 billion (about 574 billion Euros) in tax revenue over the next 10 years, and could generate up to $ 1.6 trillion (about 1 , 31 trillion euros) in the following decade. Many of the changes to the Biden government proposal, however, would require Congressional approval.

Source: TheVerge

Want to read GSMNigeria more news? See Related Posts below

Want to read GSMNigeria more news? See Related Posts below

Have an article/sponsored post to share? Whatsapp: +2348129656985.

Notify of
Inline Feedbacks
View all comments
Pin It