Treasury Eyes Crypto Reporting To Narrow The Tax Gap

Law360 (May 24, 2021, 7:14 PM EDT) -- The U.S. Department of Treasury's recent tax compliance proposals include measures that would ramp up reporting for large cryptocurrency transactions, a move that could end up streamlining tax enforcement around digital assets.

The department on Thursday released a report detailing a range of steps to improve tax compliance, including enhanced reporting for the cryptocurrency industry. Under the proposals, crypto-asset exchanges and custodians would report inflows and outflows for personal and business accounts above a certain threshold.

And, similar to cash transactions, businesses that receive crypto-assets worth more than $10,000 would be reported on, the Treasury said.

Tax enforcement is a key...

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