Finance U.S. Treasury seeks reporting of cryptocurrency transfers, doubling of IRS workforce
The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo
The Biden administration's tax enforcement proposal would require that cryptocurrency transfers over $10,000 be reported to the Internal Revenue Service and would more than double the IRS workforce over a decade, the U.S. Treasury said on Thursday.
The plans were part of a Treasury report detailing the Biden Administration's proposal to invest some $80 billion into the U.S. tax agency through 2031 to improve compliance an revenue collections.
"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 said in the report, which noted that these assets, are likely to grow in importance over the next decade as a part of business income.
The Treasury disclosure blunted a rally in the dollar value of bitcoin on Thursday - to a 6% gain from an earlier 10% rise read more . The gains came a day after bitcoin fell as much as 30% and number two digital currency ether fell 45%.
