It’s not hard to predict the future when it’s telegraphed to you. You just have to look for the telegraph (remember those?).
The U.S. Treasury is coming for your cryptocurrency.
It has, under the guise of the new Biden tax plan, noted that the virtual currency market is now about $2 Trillion, and can no longer be ignored.
Based on recent ransomware attacks, the government continues to believe that the Bitcoin trade “poses a significant detection problem by facilitating illegal activity broadly including tax evasion.”
As a part of the proposed IRS tax compliance agenda, the Service will be “shin[ing] a light on opaque income streams.” This will require that there be financial reporting by “payment settlement entities would also be required to report gross receipts and gross purchases.”
Means what?
It means that “as with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on.”
And heads up for filers in 2020, the IRS notes that it “has identified cryptocurrency transactions as an enforcement priority and recently included cryptocurrency reporting on the individual tax return, Form 1040.”
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