The IRS wants more tools to regulate cryptocurrency. The Biden administration’s fiscal 2022 revenue proposals include a new requirement that cryptocurrency transfers of $10,000 or more be reported to the IRS in much the same way that banks report cash transfers of that amount and brokers report securities transactions. The proposed change would start in 2023. In testimony before the Senate Finance Committee, IRS Commissioner Charles Rettig covered a number of topics, including the need for Congress to pass legislation to provide the IRS with tools to regulate cryptocurrency. “I think we need congressional authority,” Rettig said.

 

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