Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
IRS anticipates more crypto-related tax crime as filing deadline looms: report

IRS anticipates more crypto-related tax crime as filing deadline looms: report

The BlockThe Block2024/04/15 06:28
By:The Block

Quick Take An IRS investigation chief said that there is a growing number of “pure” tax evasion crimes related to cryptocurrencies. The IRS is working with firms from the private sector to trace tax delinquents using crypto.

IRS anticipates more crypto-related tax crime as filing deadline looms: report image 0

The U.S. Internal Revenue Service is expecting to see a lot more tax evasion crimes linked to cryptocurrencies this year, its criminal investigation chief Guy Ficco told CNBC at the Chainalysis Links event. 

The IRS investigation chief told CNBC on Saturday that he is noticing more “pure crypto tax crimes,” whereas previously, crypto’s illicit use was predominantly associated with larger frauds such as scams and embezzlements. 

“This could be purely not reporting income generated from crypto sales, it could be hiding the true basis of crypto,” said Ficco. 

The agency is expected to charge the crypto-related tax evasion more aggressively as it expects to see more cases this year and going forward, according to the IRS official.

For tracking crypto tax delinquents, the IRS is working with several partners, including blockchain analytics firm Chainalysis. “My IRS special agents are phenomenal at tracing and following money, but some of the tools and applications that are needed when we start investigating in the crypto world with obfuscation of true ownership,” said Ficco, adding that that’s where IRS utilizes the help from companies like Chainalysis.

The tax filing deadline for U.S. taxpayers is April 15.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!