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Treasury proposes crypto tax reporting requirements

May 21, 2021

The Treasury Department proposed tax reporting requirements on cryptocurrencies in a new report on the administration’s American Families Plan.

Reporting: Treasury said the proposed financial account reporting regime would cover cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies.

Transactions: As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on, Treasury said.

More: A new Main Street Matters post from ICBA’s Brian Laverdure provides community bankers with a primer on Bitcoin and what it means for the financial services industry. Read the post.