U.S. Treasury seeks reporting of cryptocurrency transfers, doubling of IRS workforce – Reuters

U.S. Treasury seeks reporting of cryptocurrency transfers, doubling of IRS workforce – Reuters

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.