Fun

IRS investigation chief expects uptick in crypto tax evasion this year

News Feed - 2024-04-15 09:04:59

Tom Mitchelhill8 hours agoIRS investigation chief expects uptick in crypto tax evasion this yearIRS criminal investigation chief Guy Ficco said his agency has become more aggressive and capable of dealing with crypto-related tax crimes amid tax reporting season.1978 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe United States Internal Revenue Service says it’s gearing up for a significant rise in crypto tax crime cases going forward, as U.S. citizens hit the deadline to file their taxes on April 15. 


Speaking to CNBC at the Chainalysis Links event in New York, IRS criminal investigation chief Guy Ficco said his agency was getting ready to deal with an uptick in cases of tax fraud and evasion that have come along with it.“There’s going to be a lot more charged Title 26 crypto cases this year and moving forward.”


A Title 26 tax code refers to citizens who willfully evade paying taxes by lying or obfuscating their reporting documents.


Ficco said that crypto had previously been used mostly as a tool in financial crimes such as fraud, scams, and money laundering — however, he said his agency had recently observed a drastic uptick in “pure crypto tax crimes,” and expected even more in the near future.Ficco said his agency is prepared for an increase in crypto tax crime. Source: CNBC


“This could be purely not reporting income generated from crypto sales, it could be hiding the true basis of crypto and that’s an area I anticipate an increase in,” Ficco said.


He mentioned that his agency has partnered with blockchain analysis firm Chainalysis as well as several other law enforcement agencies to better crack down on crypto crime.


“My IRS special agents are phenomenal at tracing and following money, but some of the tools and applications that are needed in the crypto world — that’s where the experts at Chainalysis come in,” he said.


Ficco also outlined some basic rules for those looking to file their taxes properly and not get stung by the IRS.


Related:Biden"s mining tax is the least sensible part of his 2025 budget proposal


“The basic rule of thumb is that you have a basis in the asset. When you dispose of that asset [...] the point where you sold is your disposition,” said Ficco.“If you acquire something at $10,000 and you sold it for $20,000 — you have a $10,000 gain and that’s what you need to pay tax on.”Source: IRS


Ficco said his agency had grown more aggressive when investigating and prosecuting U.S. citizens who had either failed to report their crypto taxes in the past as well as those who had actively obfuscated or lied on their tax return.


On Feb. 6, a federal grand jury indicted Texas man Frank Richard Ahlgren III with filing false tax returns avoiding reporting requirements on more than $4 million worth of gains made on Bitcoin (BTC).


Magazine:‘SEAL 911’ team of white hats formed to fight crypto hacks in real time# Bitcoin# Cryptocurrencies# IRS# Taxes# Adoption# CNBC# Scams# RegulationAdd reaction

News Feed

JPMorgan Estimates Ethereum Shanghai Upgrade Might Bring More Investors to Stake in the Protocol
JPMorgan Estimates Ethereum Shanghai Upgrade Might Bring More Investors to Stake in the Protocol JPMorgan, one of the biggest financial institutions in the world, estimates that th
RBI Begins First Retail Digital Rupee Pilot in 13 Indian Cities With 8 Banks
RBI Begins First Retail Digital Rupee Pilot in 13 Indian Cities With 8 Banks India’s central bank, the Reserve Bank of India (RBI), is launching its first retail digital rupe
Major Korean Exchanges Secure Real-Name Account Arrangements With Local Banks
Major Korean Exchanges Secure Real-Name Account Arrangements With Local Banks Leading cryptocurrency exchanges in South Korea have reached agreements with Korean banks to maintain
EasyA announces 1 million devs in ecosystem
Vince Quill1 hour agoEasyA announces 1 million devs in ecosystemThe Web3 educational platform also announced a Polkadot education initiative to help onboard new developers to the blockchain network.153 Total viewsListen
Proof You’ll Regret Wasting Money on That FIFA 20 Loot Box
You"ll regret buying that expensive FIFA 20 loot box. This new gamer survey proves it. Unfortunately, it also proves you"ll do it anyway. | Source: EAAt some point shortly after FIF
The Billion-Dollar Bitcoin Case: Long-Awaited Kleiman v. Wright Trial Begins Next Week in Miami
The Billion-Dollar Bitcoin Case: Long-Awaited Kleiman v. Wright Trial Begins Next Week in Miami On Monday, November 1, the long-awaited Kleiman v. Wright trial will begin as a fede
Zhiyuan Sun7 hours agoReddit community tokens soar on Kraken listingThe tokens are part of the Reddit Community Points initiative to create cryptocurrencies that would incentivize content creation.3330 Total views26 Tota
Ethereum options data highlights bears’ plan to keep ETH price under $3.6K
Marcel Pechman4 hours agoEthereum options data highlights bears’ plan to keep ETH price under $3.6K$4 billion worth of Ethereum options are set to expire on June 28, with the balance of forces centered around $3,500.20
Privacy-Focused Brave Users Can Now Purchase Bitcoin Cash Through Bitcoin.com
Privacy-Focused Brave Users Can Now Purchase Bitcoin Cash Through Bitcoin.com The privacy-centric web browser Brave has partnered with Bitcoin.com in order to gi
Malaysian Ministry Proposes Legalizing NFTs to Boost Participation in Crypto Sector
Malaysian Ministry Proposes Legalizing NFTs to Boost Participation in Crypto Sector Malaysia’s communications ministry has proposed legalizing non-fungible tokens (NFTs) to
Kevin O’Leary Shares Crypto Investing Strategy — 20% of His Portfolio Now in Crypto and Blockchain
Kevin O"Leary Shares Crypto Investing Strategy — 20% of His Portfolio Now in Crypto and Blockchain Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has shared his cryptoc
Miny.CC – Innovation in the Cryptocurrency Mining Sphere
Miny.CC – Innovation in the Cryptocurrency Mining SphereAberdeen, Hong Kong, September 16, 2020. – More than 10 years after the first cryptocurrency was successfully mined,