We have already written today that in the U.S. now about each transaction over 10,000 dollars should be reported to the IRS. Representatives of the U.S. Treasury gave their comment on this innovation
The agency plans to raise $700 billion in taxes more than previously estimated. This amount will be obtained by actively combating crypto-tax defaulters.
The reason why the IRS, Treasury department and other agencies tighten the regulation of crypto is the large tax gap in the U.S.
Currently, excluding cryptocurrencies, underpayment of taxes is more than 600 billion annually. With unpaid taxes on income from cryptocurrencies, this amount grows to one trillion dollars.
U.S. authorities intend to close the tax gap by any means available. Many believe that the current innovation is only the first in a series of similar. Soon crypto investors will be stuffy in the U.S.