On May 28, the Biden Administration released the 2022 Budget Proposal, as the US Treasury calls for more detailed crypto reporting requirements to combat tax evasion.
US Treasury Claims Tax Evasion On The Rise
A statement by the US Treasury claimed that tax evasion using crypto assets is a rapidly growing problem. “The global nature of the crypto market offers opportunities for taxpayers to conceal assets and taxable income by using offshore crypto exchanges and wallet providers.”.
This follows related news that Biden is introducing a new tax proposal for businesses in the US to report crypto transactions over US$10k.
Australia Tax Time Approaching
It’s not just the U.S. cracking down, but also in Australia as we see the ATO warning crypto traders that they will have to report their gains. It is expected that over 600,000 aussies have participated in the cryptocurrency market and an estimated half of those will need to submit their tax returns with their crypto profit and loss.
Join in the conversation on this article’s Twitter thread.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
