By Keith Griffith
Bitcoin slumped back below $40,000 amid reports the Treasury Department wants all cryptocurrency transactions over $10,000 to be declared to the IRS
In a report issued on Thursday, the Treasury described new compliance proposals from President Joe Biden, including mandatory tax reporting for transactions of $10,000 or more for Bitcoin and its rival cryptocurrencies.
Explaining the proposal, a Treasury Department spokesman said: ‘Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion.
Click the link below to read the rest of this story.
Click here to get more news from the Bulldog
On the go, but don’t want to miss any Bulldog news? Go to the App Store and downloads apps for Bulldog Reports and The Bulldog Show to your Apple and Android mobile devices. It’s free!