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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!