The U.S. government has suggested mandating the reporting of cryptocurrency transfers of more than $10,000 to the IRS, the latest proposal by federal officials to introduce more red tape into the crypto space.
“As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on,” the Treasury Department said in a May 20 report on efforts to improve tax compliance. “Although cryptocurrency is a small share of current business transactions, such comprehensive reporting is necessary to minimize the incentives and opportunity to shift income out of the new information reporting regime.”
