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IRS Bitcoin Hunt Ramps Up, But Tax Amnesty Could Follow: Expert Blog

Source: https://cointelegraph.com/news/irs-bitcoin-hunt-ramps-up-but-tax-amnesty-could-follow-expert-blog - Dec 11, 2017

Don’t get excited or fearful just yet. The IRS has not yet announced a tax amnesty for people who failed to report their gains and income from Bitcoin and other virtual currencies. But there has long been speculation that it might happen. And given recent developments, we may now be one step closer.

It is well-known that the IRS is looking hard at Bitcoin and other cryptocurrency transactions, hoping to scoop up some tax dollars. Frighteningly, much of the IRS attention now appears to be focused on the criminal end of the spectrum. IRS Criminal Investigation Agents evidently are being trained in the field.

The IRS Criminal Investigation Division not only ordered training for its agents. It also entered into a contract with Chainanalysis for tracking. We may expect this area to unfold materially in the coming years and not in a happy way.

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Category: General Business