Treasury is working on proposed regulations on reporting requirements for businesses that receive payments of $10,000 or more in crypto, an official said Friday.
The 2021 infrastructure law expanded an anti-money laundering rule for cash reporting requirements under Section 6050I to include transactions in digital assets.
“There are considerations pointing in different directions in terms of how broad the scope of the 6050I regulations should be,” said Erika Nijenhuis, a senior counsel at the Treasury Department’s Office of Tax Policy, speaking at the American Bar Association’s midyear tax meeting in San Diego.
- “On the one hand, it …
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