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A dedicated team of IRS criminal investigation professionals is now working on identifying taxpayers who have omitted to disclose income from cryptocurrency.
What Happened: In a Federal Bar Association presentation, Damon Rowe, the Director of the Office of Fraud Enforcement at the Internal Revenue Service, announced that the new efforts to this cause would be called “Operation Hidden Treasure.”
According to Forbes, the operation comprises agents trained in cryptocurrency and virtual currency tracking and who are focused on taxpayers who omit cryptocurrency income from their tax returns.
Why It Matters: Identifying virtually anonymous cryptocurrency transactions has often been a challenge for the concerned authorities. However, these trained agents, along with specialist vendors, will focus on analyzing blockchain and de-anonymizing transactions.
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On December 3, 2020, the IRS published “How the IRS prioritizes compliance work on high income non-filers through national and international efforts” in the Closer Look. It addresses how the IRS is in pursuit of high-income non-filers as an important service and gives its respect to many Americans who pay their taxes. The IRS’s sentiment is that Taxpayers “who exercise their best efforts to file their tax returns and pay their taxes, or enter into agreements to pay their taxes, deserve to know that the IRS is pursuing others who have failed to satisfy their filing and payment obligations”.