Serah Louis November 25, 2022·4 min read Get ready, ultra-wealthy Americans: President Joe Biden wants you to start paying your share. Through the Inflation Reduction Act, Biden plans to increase funding for the IRS to help the agency catch sneaky tax evaders — especially those high-earners who love to find loopholes around the law. A Treasury Department report from May 2021 estimates the extra money would allow the agency to hire around 87,000 new employees — which could include revenue agents and customer service and IT staff — by 2031. Advocates believe the increased funding could raise as much as $1 trillion by forcing tax cheats to pay their dues, especially after years of budget cuts have gutted the system. However some critics worry the increased scrutiny on taxpayers could…

Jordan Finneseth Friday November 04, 2022 11:46 Kitco News (Kitco News) - The United States Internal Revenue Service (IRS) criminal investigation division is gearing up to crack down on cryptocurrency tax evaders in the upcoming tax season, according to a recent report from Bloomberg Tax.  IRS Criminal Investigation division chief Jim Lee recently stated that the unit is in the process of building “hundreds” of crypto cases, many of which will soon be made public.  Previously, the agency focused its investigations on things like money laundering, but tax cases have seen a sizeable jump and now make up about half of all investigations. “In the last three years I’ve really seen a shift” in digital asset investigations, Lee said. The main areas of focus in these cases include things like “off-ramping” transactions, where digital assets…