Tagged: internal revenue service

Blockchain Analysis Spending by US Government Agencies Has Tripled in 2018

Don't Say the B Word Blockchain

Government agencies in the US have more than tripled the amount of money they are allotting to private firms doing forensics on blockchains like Bitcoin, says weekly newsletter for institutions, diar. The biggest spender by far is the Internal Revenue Service (IRS), which is “accounting… Read More

Joint Chiefs of Global Tax Enforcement (J5) to Fight Against International Tax Crime and Money Laundering Including Cryptocurrency

The Joint Chiefs of Global Tax Enforcement, or the “J5”, is a group of nations dedicated to fighting against tax crime and money laundering. Participants in the J5 include the Australian Criminal Intelligence Commission (ACIC) and Australian Taxation Office (ATO), the Canada Revenue Agency (CRA),… Read More

Chief of the IRS Criminal Division is on the Hunt for Cryptocurrency Scofflaws

In March of 2014, the Internal Revenue Service issued  an FAQ on digital currencies and the tax treatment of transactions in crypto like Bitcoin. In brief, the IRS said that virtual currency should be treated as property for U.S. federal tax purposes. “General tax principles that… Read More

Coinbase Must Hand Over Account Info to IRS for Users that Transacted $20,000 or More in Crypto

Coinbase has received a judgement by the US District Court of Northern California ordering it to hand over all account information to the IRS for any transaction with the equivalent of $20,000 or more during the years 2013 to 2015. In the case United States… Read More

The US Government is Worried that Usage of Digital Currencies will Lead to Tax Avoidance

The Treasury Inspector General for Tax Administration (TIGTA) published a document this fall that reviewed the growing usage of Bitcoin and other digital currencies in the private sector. While acknowledging there are benefits to “virtual currencies” including lower transaction fees and faster transfer of funds… Read More

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