Cryptocurrencies
Biden Targets Crypto Tax Evaders in Global Data-Sharing Pitch
- Administration proposes sharing data with foreign governments
- Proposal is part of broader cryptocurrency tax-evasion push
This article is for subscribers only.
The Biden administration has proposed requiring the collection of data on foreign cryptocurrency investors active in the U.S., aiming to bolster international cooperation to help in a broader crackdown on tax evasion.
The Treasury Department, in its “Greenbook” of revenue proposals released last Friday, proposed a requirement for cryptocurrency brokers, such as exchanges and hosted-wallet providers, to provide information to the IRS on foreign individuals indirectly holding accounts with them.