Connect with us

News

US Tax Chief Asks Congress to Allow Cryptocurrency Transfer Data Collection

Published

on

The head of the US Internal Revenue Service, Charles Rettig, said the US Congress should give tax officials legal authority to collect information about cryptocurrency transfers.

Rettig recalled that the cryptocurrency market capitalization has already exceeded $ 2 trillion, there are more than 8,600 cryptocurrency exchanges around the world, and “most cryptocurrencies are designed to stay out of sight.”

The administration of the current president drew attention to the crypto asset market as a source of taxes and as part of the fight against the use of cryptocurrencies by cybercriminals.

The administration’s proposals include requiring the tax authorities to report cryptocurrency transfers of $ 10,000 or more, much in the same way that banks report remittances and brokers report securities transactions.

According to Rettig, the huge profits generated by the rise in the value of crypto assets elude the tax authorities, creating a “tax gap” – the difference between taxes that could be collected and those actually collected. Rettig estimates that this is about $ 1 trillion a year.

Earlier, the Treasury proposed to reduce the reporting limit on remittances from the current $ 10,000 to $ 600. Rettig said he did not support the proposal, but suggested that its adoption would help determine which taxpayers should not be audited so that the agency could focus on wealthier individuals who are more prone to tax evasion.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest News

Components16 mins ago

The Asustor AS-T10G2 network card allows you to add a 10 GbE port to the system configuration

Asustor has unveiled an 86.95 x 67.9 mm AS-T10G2 NIC with a single 10 GbE port, designed to fit into...

News38 mins ago

Redmi K50 will get faster charging, new display and improved camera

First (the other day), the head of the brand, Lu Weibing, spoke about the Redmi K50 smartphones, and now an...

Gaming1 hour ago

HDMI 2.1, Wi-Fi 6 support, AMD FreeSync Premium, and full Xbox compatibility. New details about the flagship TVs Xiaomi Mi TV 6

Xiaomi today revealed new details about its Mi TV 6. The company has released a number of teasers that indicate...

News2 hours ago

The beta version of HarmonyOS 2.0 is out for Honor 30, Honor 30 Pro, Honor 20, Honor 20 Pro, Honor Magic 6 and a number of other ex-Honor flagships

Huawei today announced the release of the closed beta version of the HarmonyOS 2.0 operating system for a number of...

Phones4 hours ago

iPhone 13 Pro showed in high-quality images and video

On a YouTube channel called Concept Creator, as well as on the Letsgodigital website, they published renders and a video...

News4 hours ago

Introduced the all-new Duster 2022 with a range of up to 1235 km

In Europe, sales of the updated budget crossover will start in September 2021, which has changed markedly both externally and...

Phones5 hours ago

The race for megapixels is over: Samsung Galaxy S22 will receive a 50-megapixel camera

Samsung’s next-generation flagship, the Galaxy S22, is expected to launch in the first quarter of next year. However, leaks of...

Laptops5 hours ago

Chromebook shipments will grow by 33.5% this year, but next year the growth will be replaced by a decline

The COVID-19 pandemic has had a positive impact on the tablet and Chromebook market as consumers shift to telecommuting, learning...

Advertisement

Most Popular