Monday, October 25

US Department of Treasury Demands Notification of Bitcoin (BTC) Transfers Over $ 10,000 to the IRS

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According to Bloomberg’s claim, the US Department of the Treasury demanded that Bitcoin (BTC) transfer transactions over $ 10,000 be reported to the IRS.

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“As with cash transactions, businesses that buy crypto assets with a fair market value of more than $ 10,000 will also be reported,” said the Treasury Department in a report on newly published tax enforcement proposals, Bloomberg reported.

The Treasury said comprehensive reporting was necessary “to minimize incentives and divert revenue from reporting new information.” He stated that the cryptocurrency has a small share of existing business transactions.

Joe Biden management urges banks to report on account flows to help increase tax payment compliance.

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