The Internal Revenue Service (IRS) expects to collect $700 billion in cryptocurrency taxes

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We’ve also written that in the United States, any trade of more than $10,000 must now be disclosed to the IRS. Representatives from the United States Treasury commented on the invention.

The department expects to collect $700 billion in taxes, a $700 billion increase from past estimates. This amount will be collected by pursuing crypto-tax evaders aggressively.

The IRS, Treasury Department, and other departments are tightening crypto regulations due to the broad tax disparity in the United States.

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Tax underpayment now totals more than 600 billion dollars a year, minus cryptocurrency. This figure rises to one trillion dollars as outstanding taxes on cryptocurrency profits are factored in.

The US government intends to narrow the tax gap by all means necessary. Many people suspect that this is only the first of a string of related innovations. Shortly, blockchain buyers in the United States would be stuffy.

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