IRS conducting electronic surveillance in attempt to clampdown on Bitcoin tax crime

The IRS plans to interview family and friends, search through social media posts, and issue subpoenas to ensure people pay taxes on their Bitcoin, according to a presentation given to the IRS Criminal Investigation division. Top companies including Apple, Google, and Microsoft are also under the gamut of these investigations.

The IRS is going to great lengths to identify and prosecute cryptocurrency-facilitated tax crime. In a 181 slide presentation, James Daniels, the IRS-CI cyber crimes program manager, details the usage, ecosystem, and technology behind top cryptocurrencies (including Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, Stellar, and Monero).

What’s alarming are the recommendations provided to IRS agents for obtaining information from taxpayers.

read more https://cryptoslate.com/irs-conducting-electronic-surveillance-in-attempt-to-clampdown-on-bitcoin-tax-crime/

Comments

    PlanetQWPlanetQW Reputation: 0
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    Thanks for posting. Just shows how much crypto is disrupting the system and governments are taking notice. You can't blame the IRS for wanting people to pay taxes, pretty hard to have a country without that. The anonymity that is sort of the foundation of the crypto dream will be really hard to maintain because let's face it a lot of people use the anonymity of crypto to avoid taxes or do other things that aren't exactly above board.

    6df2fb22a5dd7fa2f8899eeb9f79df32
    CharlieBCharlieB Reputation: 3
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    @planetqw if you don't break the law you have nothing to worry about.

    bc939ef2049d8a9e33c706e85b5ca3a5
    BigfoodBigfood Reputation: 2
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    @charlieB that rationalization has been used for centuries to justify surveillance and other invasions of privacy. @PlanetQW it is true that people should pay their taxes but excessive policing from the IRS exceeds their mandate and is inconsistent with the values of freedom and privacy that the US was founded on. There has to be a reasonable medium and interviewing people's friends about whether or not they have crypto is downright terrifying like secret police from totalitarian regimes. Once that pandora's box is opened you cannot close it.

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    jonwalkerjonwalker Reputation: 0
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    @bigfood most of what the IRS is saying is just exaggeration to let people know that they are serious about crypto revenue. There is no way they will actually do this stuff because it would take enormous numbers of agents and would be incredibly inefficient. However, anyone holding crypto should take this seriously and report their holdings honestly.

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