"As with cash transactions, businesses that receive crypto assets with a fair-market value of more than $10,000 would also be reported on," the Treasury Department said in the report. The report is part of the Biden administration's plans to beef up the IRS in hopes of collecting more tax revenue that otherwise goes unreported. The IRS first began asking individuals if they ever bought or sold virtual currencies in 2020, and now requires individuals to report capital gains realized from any cryptocurrency transactions. The Treasury Department said that reporting the crypto transactions is necessary "to minimize the incentives and opportunity to shift income out of the new information reporting regime," according to the report. "Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion," the Treasury added in its report.

https://markets.businessinsider.com/currencies/news/us-treasury-crypto-transfer-10000-reported-irs-taxes-bitcoin-btc-2021-5-1030452403