Any cryptocurrency transfer over $10,000 to be reported to IRS: US Treasury Department
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The US Treasury Department has said that any cryptocurrency transfer worth $10,000 or more has to be reported to the Internal Revenue Service (IRS). In a new report on tax compliance proposals, the Treasury Department's Office of Tax Analysis estimated that the move will help raise an additional $700 billion in tax revenue over the next 10 years and could bring in as much as $1.6 trillion in the following decade, reports The Verge.
