Biden Tax Enforcement Plan Includes Crypto Reporting Crackdown

Biden Tax Enforcement Plan Includes Crypto Reporting Crackdown

Share to Linkedin The Treasury Department on Thursday outlined its plan 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. U. S. Secretary of the Treasury Janet Yellen speaks during a daily news briefing at the James Brady ... [+] Press Briefing Room of the White House May 7, in Washington, DC. 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