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Cryptocurrency Deals of $10K or More Must Be Reported to IRS: Treasury Dept.

The Treasury Department is cracking down on cryptocurrency transactions and announced it is requiring any transfer of at least $10,000 to be reported. So reports CNBC.

cryptocurrency 3424779 640smallA release from the department indicated the move is designed to combat illegal activities like tax evasion. The Treasury Department announcement was accompanied by broader initiatives from the Biden administration to crack down on tax evasion. Additional IRS funding and tech as well as greater penalties for evaders are on the table.

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