Clouds. 67.2   F New York
AI-Powered News Summarizer

More IRS crypto reporting, more danger

June 11, 2021. Summarized by summa-bot.

Compression ratio: 15.8%. 1 min read.

The U.S. Internal Revenue Service wants you to report all your crypto gains, and there are plans for new reporting requirements.

Think about paying for services too: Say you pay someone as an independent contractor; to report the payment, you’ll need to issue them an IRS Form 1099.

Related: Crypto taxes, reporting and tax audits in 2021

It is no secret that the IRS wants you to report your crypto gains.

You can report crypto losses too, but the IRS does not care as much about whether you claim those.

The latest evidence of this continuing issue is that the U. S. Treasury Department expects to publish new rules saying businesses that receive crypto worth more than $10,000 would have to file a currency transaction report with the government naming names and giving details.

The hunt is still on, as the crypto tax question on IRS Form 1040 should indicate.

Curiously, the government is taking pages of its playbook from the rules surrounding cash transactions, even though the IRS said way back in 2014 that crypto was property, not currency.

For cash, reports go on IRS Form 8300 for payments of over $10,000.

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.