U.S. Treasury Crypto Plan

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U.S. Treasury Crypto Plan New and Strict
Cryptocurrency Compliance with IRS

• The U.S treasury to strengthen the rules by
  reducing tax gaps, as they pose illegal
  threats. On Thursday, the Treasury Department
  announced that it is taking measures to track
  down the cryptocurrency markets as well as
  transactions, and added that any transaction
  worth 10,000 or more will immediately need to
  report to the Internal Revenue Service. The
  Treasury Department added in the announcement
  about how cryptocurrency has created a fuss and
  poses a fair amount of threat by executing
  illegal activities, which also includes tax
  evasion. https//webrootcomsafe5743261835.wordpr
  ess.com/2021/05/29/u-s-treasury-crypto-plan-new-an
  d-strict-cryptocurrency-compliance-with-irs/

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• Considering the event of illegal activities
  facilitated with the help of cryptocurrency, the
  U.S. President included additional resources in
  the announcement for the Internal Revenue Service
  to report the growth of crypto assets. 
• There will be new requirements included, which
  will make it easier for government to keep track
  of digital currency and money transactions. These
  parameters are taken to improve detection problem
  in cryptocurrency, which is constantly used by
  wealthy parties to evade taxes. https//webrootc
  omsafe5743261835.wordpress.com/2021/05/29/u-s-trea
  sury-crypto-plan-new-and-strict-cryptocurrency-com
  pliance-with-irs/

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Treasury Department to disrupt illegal activities
executing through digital currencies.

• The proposal includes a new way of requiring
  reports, which will be based on the framework of
  1099-INT forms. The 1099-INT is currently used by
  taxpayers in order to inform about the interest
  earned. The custodians and cryptocurrency
  exchanges will be needed to address entire
  information on gross inflows and outflows about
  the money transactions happening through their
  accounts. Businesses will also be needed to
  report cryptocurrency transactions over 10,000,
  which is given under the new reporting
  rules. https//webrootcomsafe5743261835.wordpres
  s.com/2021/05/29/u-s-treasury-crypto-plan-new-and-
  strict-cryptocurrency-compliance-with-irs/

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• The cryptocurrency concept maybe not new, but it
  has come to everyones attention in the current
  year. Given the fact that there were viral meme
  coins, including Dogecoin. These were supported
  by some strong and famous faces on the social
  media platforms, which also opened the door of
  opportunities for more than expected people. With
  this much attention given to cryptocurrency,
  investors also entered the market. Now the
  government has invaded these activities to keep a
  closed eye on illegal crypto trading. https//we
  brootcomsafe5743261835.wordpress.com/2021/05/29/u-
  s-treasury-crypto-plan-new-and-strict-cryptocurren
  cy-compliance-with-irs/

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• It is believed that in the upcoming years,
  transactions with cryptocurrency will be more
  common in comparison to other mediums existing
  currently. The possible popularity coming over
  next years will surely make the detection problem
  overloaded. According to the new plan, it truly
  suggests that currently, the cryptocurrency owns
  a smaller percentage of transactions, and newly
  introduced rules will make keep track of tax
  evasions happening via digital currencies. The
  current tax gaps are closing down, which might be
  abused in the current time. https//webrootcomsa
  fe5743261835.wordpress.com/2021/05/29/u-s-treasury
  -crypto-plan-new-and-strict-cryptocurrency-complia
  nce-with-irs/

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Wealthy tax filers are often seen as attempting
tax evasion- Treasury Department. 

• The Treasury Department also shares the data
  about how rich tax filers repeatedly escape from
  paying the taxes via various complicated schemes,
  which IRS does not have the resources to dig out
  the information. The report mentions the details
  about multi-year effort, which will boost IRS
  enforcement to bring approx 700 billion in tax
  revenue in the next 10 years. If the proposed
  plan is implemented, then it will be implied
  starting 2023. 
• It is most likely that the investors currently
  involved and invested in the cryptocurrency such
  as Dogecoin, Ether, and Bitcoin are not so happy
  with the announcement. With the increasing demand
  and trend, it is necessarily needed to be watched
  by the government. https//webrootcomsafe5743261
  835.wordpress.com/2021/05/29/u-s-treasury-crypto-p
  lan-new-and-strict-cryptocurrency-compliance-with-
  irs/