Day: November 6, 2022

The IRS is preparing to crack down on "hundreds" of crypto tax cheats

The IRS is preparing to crack down on “hundreds” of crypto tax cheats

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…