According to Publication 1544 of the U.S. Internal Revenue Service (IRS), any person who receives more than $10,000 in cash in 12 months due to a trade or business must report it to the IRS and the Financial Crimes Enforcement Network (FinCEN) on Form 8300. However, the new Infrastructure Bill aims to extend that requirement to Bitcoin and other cryptocurrencies at large. If enacted, this legislation will require any U.S. person receiving over $10,000 in cryptocurrency to report the sender’s personal information, including Social Security Number (SSN), to the authorities.

Credit: Source link