Saturday, September 25, 2021

IRS wants Congress to help gather tax information on cryptocurrencies

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Rettig noted that cryptocurrency transactions, by design, are often “off the radar screens,” while noting that the most recent market cap in the crypto world exceeded $2 trillion and more than 8,600 exchanges worldwide. “I think we need congressional authority,” Rettig said during a hearing before the Senate Finance Committee. “We get challenged frequently, and to have a clear dictate from Congress on the authority of us to collect that information is critical.”

“We will be challenged,” Rettig added. “We do need additional tools and we absolutely need additional resources.” “Information reporting would be significant and huge helping us going forward,” Rettig said at the time.

Rettig said during a previous hearing that reporting with respect to digital currencies would “absolutely” help to address the gap between what people pay the tax agency and what is owed. GET FOX BUSINESS ON THE GO BY CLICKING HERE 

The Biden administration has proposed amplifying reporting requirements for cryptocurrency transactions with a fair market value of more than $10,000, which would go into effect at the end of 2022 if implemented. US INVESTIGATORS RECOVER THE MAJORITY OF RANSOM COLONIAL PIPELINE PAID TO HACKERS

“The IRS absolutely needs more resources across all lanes … we do get outgunned, there’s no other way to say it,” Rettig said. The IRS commissioner added that the agency is down 1,700 enforcement personnel over the last decade as he discussed an estimated $7.5 trillion tax gap over the coming decade.


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