The IRS wants to be able to collect data on cryptocurrencies

U.S. Internal Revenue Service Commissioner Charles Rettig said Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported.

The Biden administration has targeted the volatile crypto asset markets for capital gains tax collections, and to crack down on illicit uses of such digital currencies.

The proposed change would start in 2023, but the Treasury also has proposed that the cash transfer reporting limit be reduced to $600 from the current $10k limit.

Rettig estimates that massive profits from the run-up in crypto asset valuations are contributing to a “tax gap” that he estimates at some $1 trillion a year.

Reuters

U.S. IRS chief asks Congress for authority to collect cryptocurrency transfer data

U.S. Internal Revenue Service Commissioner Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported.

The Verge

The IRS wants more authority to collect data on cryptocurrencies

In search of some Congressional backup.

Fox Business

IRS wants Congress to help collect cryptocurrency tax information

IRS Commissioner Charles Rettig on Tuesday told lawmakers that the tax agency needs broader authority to collect information on digital currency transactions in order to ensure people report and pay what they owe.