U.S. Treasury announces new tax rules! More than $10,000 in cryptocurrency transactions must be declared -The U.S. Treasury Department intends to strengthen the tax investigation in the next ten years can be recovered 700 billion

The U.S. Treasury Department announced on the 20th will be cryptocurrency (cryptocurrency) market and cryptocurrency transactions to strengthen control, the value of more than $ 10,000 cryptocurrency transfers, must be declared to the Internal Revenue Service (IRS). The Treasury Department said in a statement that cryptocurrency monitoring loopholes have contributed to the growth of illegal activities, including tax evasion. The Treasury Department’s Office of Tax Analysis (Office of Tax Analysis) estimates that enhanced tax checks are expected to recover $700 billion in tax revenue over the next 10 years.

The Treasury Department statement pointed out that the annual income of less than $ 400,000 people, the audit rate (audit rates) compared to recent years will not increase.

The Treasury Department pointed out that cryptocurrency transfers worth more than $10,000 will have to be reported to the IRS; as with cash transactions, merchants who receive transfers in Canadian currency with a market value of more than $100 million will also have to report to the IRS.

In recent months, many Wall Street analysts have said that the Treasury Department and the U.S. Securities and Exchange Commission (Securities and Exchange Commission, SEC) will soon strengthen controls over cryptocurrencies.

CNBC news channel pointed out that the Treasury Department’s announcement is one of the Biden administration’s actions to expand the fight against tax evasion. The Biden administration’s proposed plan includes increasing the IRS budget and upgrading technology equipment, as well as imposing heavy fines on tax evaders.

In a 22-page report, Treasury officials outlined a series of policies aimed at closing the “tax gap,” with specific details including increased filing requirements, new tools for tax inspectors and new regulations for cryptocurrency control.

The Treasury Department’s Office of Tax Analysis said it expects to recover $700 billion in tax revenue over the next decade, and 1.6 trillion in tax revenue over the next decade.

The Treasury Department said in a 20-day statement that the current annual “tax gap” is around $600 billion. IRS Commissioner Rettig (Charles Rettig) recently said that the annual “tax gap” is looking up to 1 trillion dollars.