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Crypto payments above $10,000 would be reported to IRS under Treasury plan

Accepted submission by Freeman at 2021-05-24 18:22:25 from the regulators regulating dept.
Techonomics []

The Biden administration wants businesses to report cryptocurrency transactions with values of at least $10,000 to the Internal Revenue Service.

"Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion," the US Treasury Department said [] in its proposal for implementing the tax compliance initiatives in President Biden's American Families Plan []. The larger Biden plan still needs approval from Congress.

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