The IRS is preparing for a significant increase in cryptocurrency tax crimes
The IRS (U.S. Internal Revenue Service) is increasing its vigilance against crypto-related crimes ahead of its expected rise. Guy Ficco, head of the IRS's criminal investigations department, expressed this in an interview with CNBC.
The announcements come ahead of the April 15 tax filing deadline for US citizens.
The IRS has significantly expanded its resources to combat tax fraud and tax evasion related to digital assets, the official said. Ficco also noted cooperation with organizations capable of countering fraudulent activities and money laundering on the blockchain, such as AML Crypto.
The head of the department emphasized that previously digital assets were mainly used to commit financial crimes such as fraud, scams and money laundering. However, recently the department has noted a sharp increase in “purely crypto-tax crimes.” The official predicts that this upward trend will continue in the near future.
The head of the department emphasized that previously digital assets were mainly used to commit financial crimes such as fraud, scams and money laundering. However, recently the department has noted a sharp increase in “purely crypto-tax crimes.” The official predicts that this upward trend will continue in the near future.
“This may simply be a refusal to declare income received from the sale of digital assets. This may be hiding the true basis of cryptocurrencies. In the latter area, I expect [the number of cases] to increase,” he said.
Ficco also announced the IRS's partnership with Chainalysis and other similar organizations. This is reminiscent of data published in December 2023 by Bloomberg, which noted that about half of all IRS cryptocurrency investigations were related to tax evasion. This percentage is significantly higher than three years ago, when more than 90% of investigations involved money laundering.
Additionally, in December of that year, the IRS released its list of the biggest digital asset cases of 2023.
Additionally, in December of that year, the IRS released its list of the biggest digital asset cases of 2023.
The AML Crypto team reminds you to pay taxes on time and in full, as well as to be careful in conducting transactions, choosing counterparties and using all necessary methods to preserve your crypto funds. And check your crypto wallet for purity, perform AML address verification, track a transaction - you can do this and more in our Btrace solution. Free AML wallet verification for every new user. And if you do become a victim of a scam, then contact our specialists for a blockchain investigation and return of stolen funds.
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