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.