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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.