$ 29,799.00 1.02%
$ 1,941.77 3.30%
$ 47.86 3.89%
$ 0.083167 1.51%
$ 7.18 5.51%
$ 1.32 7.08%
$ 0.000168 0.50%

IRS is planning to clamp down on the cryptocurrency tax evaders

irs clamping down bitcon tax evaders

The Internal Revenue Service (IRS) is taking draconian measures against Bitcoin Tax evaders through surveillance. These measures would include electronic surveillance of cryptocurrency traders.

Furthermore, the IRS is also planning to bring in family members through interviews and broaden the circle through friends, social media before issuing through electronic and digital means.

The new IRS regulatory measure would also engulf the major companies like Apple, Google, and Microsoft during these investigations and the data gathered from these websites can potentially reveal information regarding tax evasion on Bitcoin and another cryptocurrency trading.

An alleged one hundred and eighty-one pages long IRS document report presented by an agent James Daniel of the Cyber Crimes division. The document contains information on various cryptocurrencies including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and others.

The document covers various details of the cryptocurrency sphere including the ransomware and the scamming tools used by the hacked as well as related terminologies.

The presentation also includes regulatory suggestions such as methods to acquire Grand Jury subpoenas and the techniques that could be put in action. Such subpoenas are requested to be allowed for bank statement records, credit card records and digital wallets such as PayPal or Skrill records.

The report also put forth cryptocurrency specific information and solutions such as the one on Bitcoin explains that:

“Once a Bitcoin Address is identified, it can be looked upon a Bitcoin Block Chain Explorer to find information such as value, transaction times, transaction locations, which may help in corroborating information, identifying additional addresses, or assist in locating the subject.”

Public data such as Tweets, Facebook status, and other relevant material would be mined and used against the Bitcoin and cryptocurrency tax evaders.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

Related News

Hot Stories

Here's why attorney Jeremy Hogan believes Ripple lawsuit is nearing 'endgame'
Mastercard backs crypto despite market decline
Terra (LUNA) Rebounded over 1000% in A Day? — Can Investors Expect Any Ray of Hope?
XRP Price Prediction 2022-2030 [After Lawsuit]
Green Satoshi Token Price Prediction 2022-2031: Is GST A Good Investment?

Follow Us

Industry News

Singapore VC firm gets a $100 million metaverse and Web3 fund
Andreessen Horowitz raises $4.5 billion to back crypto firms
Babel Finance hits a $2b valuation with $80m in funding
The UpLift DAO team joined a closed VIP Discussion with Dr Gavin Wood on what it takes to Build a Better Web3
Mastercard backs crypto despite market decline