The Biden administration is taking steps to ensure Americans who pay for goods or services with cryptocurrencies don’t sidestep the tax man. The Treasury Department issued a report Thursday that outlines measures. Among the proposed changes, businesses that receive “cryptoassets” with a fair market value of more than $10,000 would have to report them to the IRS. The report explains that while the share of business transactions that involve cryptocurrency remains small, the new reporting requirement is necessary to discourage businesses from concealing such transactions from the IRS in the future.
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