Biden Targets Crypto Tax Evaders
There has been growing concern of potential tax fraud or evasion in virtual currency trading due to the lack of proper controls and reporting structure in place. Aiming to bolster international cooperation to help in a broader crackdown on tax evasion, the Biden administration has proposed requiring the collection of data on foreign cryptocurrency investors actively trading in the US. The Treasury Department proposed a requirement for cryptocurrency brokers to provide information to the IRS on foreign individuals indirectly holding accounts with them. This proposal will go into effect starting 2023, which is a fast turnaround for the IRS and private sector.
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