U.S. tax chief asks Congress to collect data on cryptocurrency operations

By David Lawder

WASHINGTON, Jun 8 (.) – The Commissioner of the US Internal Revenue Service said Tuesday that Congress needs to give clear powers to the tax agency to collect information on transfers of cryptocurrencies valued at more than $ 10,000 and that largely measure are not declared.

“I think we need the authority of Congress,” Charles Rettig said in his testimony before the Senate Finance Committee. “It is a constant challenge, and having a clear opinion from Congress so that we can gather that information is essential.”

Rettig said the cryptocurrency market capitalization is more than $ 2 trillion, with more than 8,600 markets worldwide, “and by design, most virtual cryptocurrencies are meant to stay off the radar.”

The administration of President Joe Biden has targeted volatile crypto markets to collect taxes on capital gains, and to crack down on the illicit uses of digital currencies, which have been increasingly sued by perpetrators of hijackers. computer networks of companies.

The government’s revenue proposals for fiscal year 2022 include a new requirement that cryptocurrency transfers of $ 10,000 or more be declare to the IRS, in the same way that banks report operations with cash of that amount and brokers report securities transactions to the IRS.

The proposed change would begin in 2023.

Rettig has said that the huge gains from rising crypto asset valuations are escaping the IRS, contributing to a “tax gap” that he estimates at $ 1 trillion a year – the difference between legally owed taxes and those collected.

(Reporting by David Lawder; Edited in Spanish by Javier López de Lérida)

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