Biden's tax enforcement plan includes a crypto reporting crackdown
to raise $700 billion over the next decade to help fund President Biden’s ambitious American Families Plan through new tax enforcement measures that include cracking down on reporting in the red-hot crypto market.
... [+]Included in the plan are new reporting rules that would require banks and financial institutions to report information about account inflows and outflows to the Internal Revenue Service as a way to detect unreported income. Cryptocurrencies, crypto asset exchanges and custodians and crypto payment services would also be subject to that new reporting rule, the Treasury Department said. Also included in the plan is a new rule that, if implemented, would require businesses to file a current transaction report when they receive cryptocurrency worth more than $10,000, just as most businesses are required to report cash payments of more than $10,000. Those reports are designed to help the government detect tax evasion, money laundering and other illicit activities. The Treasury Department said the new reporting requirements for the crypto market will be necessary to cut down on opportunities for tax evasion and avoidance of the proposed bank flow reporting rules.“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 Treasury Department’s report states.That’s the size of the entire crypto market, according to CoinMarketCap. At the beginning of the year, the market was worth $776 billion. That’s a 122% gain. The price of bitcoin, the world’s largest and most popular cryptocurrency, is notoriously volatile and tumbled as
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