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.
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...
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...
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...
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...
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...
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...
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...
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...
- News6 days ago
Microsoft has chosen a new chairman of the board of directors: it was the CEO Satya Nadella
- Gaming6 days ago
The vice president of Microsoft-owned Bethesda has apologized to PlayStation fans. Due to the exclusivity of new games
- Gaming6 days ago
Xbox One Owners Don’t Need To Buy Xbox Series X / S: New Games Will Run On An Eight Year Old Console
- Electric Cars6 days ago
Mazda plans to launch 13 electrified car models by 2025
- News5 days ago
SpaceX reuses Falcon 9 rocket for the first time to launch a US military satellite
- News3 days ago
Despite throttling, AMD GPU in Exynos 2200 outperforms latest GPU Mali
- News3 days ago
Japan has found a way to reduce the cost of “green” hydrogen by two-thirds
- Gaming4 days ago
Sony: PlayStation 5 Started Better Than PS4, And Money Tossing Is Not Successful