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Infrastructure Bill Seeks To Obligate People To Report Bitcoin Payments Of Over $10,000 To The IRS

Infrastructure Bill Seeks To Obligate People To Report Bitcoin Payments Of Over $10,000 To The IRS



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4 Comments

  1. tldr; The new Infrastructure Bill aims to extend reporting requirements to Bitcoin and other cryptocurrencies. If enacted, any person receiving over $10,000 in cryptocurrency must report the sender’s personal information, including Social Security numbers, to the IRS and the Financial Crimes Enforcement Network (FinCEN). Late, incomplete, inaccurate, or missing reports could result in penalties of $25,000.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. Crypto being acknowledged as currency.

    There are similar laws in place for fiat transactions in the US exceeding $10k. It’s called a “currency transaction report,” or CTR. There is also what’s called a SAR or “suspicious activity report” for mass sums of money banks deem may be laundered.

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