

The tax man is coming for Cryptocurrency, but don't freak yet!

Here are some clippings from the article:

The US Internal Revenue Service (IRS) has assembled a team of 10 investigators for international crime investigations as well as for finding tax evaders who use cryptocurrency, Bloomberg reports Thursday, Feb. 8.

Chief of the IRS Criminal Investigation Division Don Fort said that the team will work with international criminal agencies to investigate unlicensed exchanges as well:

“It’s possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion.”

According to Fort, the group’s focus for now is on how crypto users change their fiat currency into crypto.

“We know that you want to get your money out at some point.”

A Cointelegraph expert blog published in Dec. 2017 brought up the possibility of a tax amnesty for those who failed to report gains from digital currency earning, similar to a IRS program for filing income from undisclosed offshore accounts.

credit: https://cointelegraph.com/news/irs-forms-new-team-to-track-down-crypto-tax-evaders