IRS hires ex-crypto execs to boost digital currency service and increase crypto tax reporting scrutiny.
The IRS has hired two former crypto executives to boost its digital currency service, reporting, compliance, and enforcement programs, signaling increased scrutiny on crypto tax reporting. The agency is focusing on reversing historically low audit rates of higher earners, corporations, and complex partnerships. With the US Department of the Treasury and the IRS working on new proposed tax reporting regulations for cryptocurrency, non-fungible tokens, and other digital assets, tax professionals expect increased enforcement actions and civil cases, making it crucial for investors to stay informed and transparent regarding their digital assets.
March 04, 2024
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