Businesses should treat crypto like cash
Countries around the world are starting to take the crypto space more seriously in terms of taxation. As such, some of them are rolling out new proposals for tax policies. Because of these proposed regulations, more crypto traders and investors will likely end up reporting and paying their taxes on crypto earnings.Case in point, the Biden administration has rolled out a proposal that could lead to businesses treating cryptocurrencies as cash when it comes to reporting them. Mainly, the US Treasury Department has stated that US businesses and individuals must report cryptocurrency transfers of $10,000 or more to the Internal Revenue Service (IRS). The report said, "As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on."
Predictably, the US Treasury is concerned that cryptocurrencies are tough to detect and can potentially enable illegal activity broadly, including tax evasion. At the same time, the government agency acknowledged that the cryptocurrency market has become a $2 trillion industry. Having said that, the cryptocurrency market needs to be watched closely. "Cryptocurrency transactions are likely to rise in importance in the next decade," the report added.
The IRS is slow to catch up with modern technology
Per the report, there are various ways for people and businesses to avoid paying their taxes. Using cryptocurrencies is just one of them. Granted, the IRS has been slow to catch up with modern technologies. To that end, the US Treasury said, "This is because the IRS operates outdated systems and lacks the ability to fully take advantage of the benefits of more modern technology due to its resource constraints."As the market continues to grow, more businesses and corporate entities are adopting cryptocurrencies. Inevitably, governments in all parts of the world will start rolling out tax policies. Clearly, the regulations are needed to ensure industry participants pay their taxes.
In recent weeks, the IRS has obtained court orders that grant it permission to obtain customer records from Bitcoin and cryptocurrency exchanges Circle and Kraken. In fact, the agency has said it intends to go after crypto users that failed to report their earnings and pay their taxes over the past few years.
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