US Treasury Unveils Biden’s Proposed Tax Measures — Cryptocurrency Transfers ...
The U.S. Department of the Treasury has announced measures to crack down on tax evasion involving cryptocurrencies as part of President Joe Biden’s proposed tax compliance measures. Among the measures is a requirement for businesses that receive crypto assets with a fair market value of more than $10,000 to report transactions to the IRS. Treasury Proposes Measures to Crack Down on Tax Evasion via Cryptocurrency The U.S. Department of the Treasury published a report on Thusday entitled “The American Families Plan Tax Compliance Agenda.” The report outlines President Joe....
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As part of President Joe Biden’s new tax enforcement measure, the US Department of Treasury has introduced legislation to combat tax evasion involving cryptocurrencies. Treasury Proposes Measures To Prevent Crypto-Tax Evasion The U.S. Department of the Treasury released a study on Thusday entitled “The American Families Plan Tax Enforcement Agenda.” The report details President Joe […]
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, has unveiled its proposed rules on transactions involving cryptocurrency wallets. Experts in the crypto community have weighed in on what the new proposed regulation means, what crypto owners should do, and which wallets are affected. FinCEN’s New Rules for Crypto Wallets The U.S. Department of the Treasury announced Friday that the Financial Crimes Enforcement Network (FinCEN) has proposed new rules “aimed at closing anti-money laundering regulatory gaps for certain convertible virtual....
The proposed measures would crack down on bitcoin and cryptocurrency transfers between self-hosted wallets and require firms to identify sender and receiver.
Bitcoin, since surging to new all-time high earlier this month, has continued to face a string of bad news. Earlier last week, Bitcoin prices tumbled due to Xianjiang crypto miners shutting down due to power outages — causing a record $10 billion in futures liquidations. Now, fears over President Biden’s proposed capital gains tax hike […]
The impact of tighter crypto reporting requirements in the digital asset provision of the Infrastructure Investment and Jobs Act will concentrate on cryptocurrency mining. The regulatory scrutiny of blockchains and cryptocurrencies is increasing. From the cryptocurrency mining ban in China to President Joe Biden’s Working Group on Financial Markets, convened by Treasury Secretary Janet Yellen, the economic activities that support and are enabled by blockchains have become a significant concern for policymakers. Most recently, a provision in the proposed 2021 infrastructure bill amends the....