U.S Treasury calls for businesses to report Crypto transfers from $10,000
- 21st May 2021
- Posted by: Hakeem
- Category: CryptoCurrency
The U.S. Treasury recently revealed a proposal to strengthen tax compliance in that world’s largest economy, which includes businesses reporting crypto transfers worth at least $10,000 to the United States Internal Revenue Service.
In a report released by the U.S Treasury agency, it highlighted businesses should also report their crypto transactions.
“As with cash transactions, businesses that receive crypto assets with a fair market value of more than $10,000 would also be reported on,” the Treasury Department said in a report on tax-enforcement proposals released Thursday.
“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.
Recall that the tax agency some years ago, added a line about crypto assets on Form 1040, the individual tax return, in an effort to gain more exposure into cryptocurrency transactions.
The flagship crypto, Bitcoin drifted lower after nearing $42,000, to trade at around $39,712 at the time of this report, still Bitcoin is up 6.12% for the day.