U.S. Treasury Department Proposal: Businesses must report cryptocurrency transfers over $10,000 to the IRS

The U.S. Department of the Treasury stated that in the Biden administration's proposal to strengthen tax compliance, it includes a requirement for businesses to report cryptocurrency transfers exceeding $10,000 to the Internal Revenue Service (IRS).

The U.S. Treasury Department stated that as part of the Biden administration's proposal to strengthen tax enforcement, businesses conducting cryptocurrency transactions exceeding $10,000 are required to report to the Internal Revenue Service (IRS).

The Treasury Department released a report on Thursday, mentioning, "Businesses receiving cryptocurrency assets worth over $10,000, equivalent to market value, are required to report, similar to cash transactions." The report emphasized that despite cryptocurrencies representing only a small portion of current business transactions, they still require comprehensive reporting.

The Treasury Department stated, "Cryptocurrencies have facilitated many illicit activities, including tax evasion, posing significant enforcement challenges."

Previously, the Internal Revenue Service (IRS) in the United States added a line on the 1040 form (individual tax return) in 2020 related to cryptocurrency to better understand taxpayers' virtual currency transaction activities.