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During a recent program discussing the latest government enforcement efforts related to cryptocurrency, we spoke with Gary Alford, one of the leading Internal Revenue Service (IRS) agents in their crypto enforcement efforts, Perry Carbone, Chief of the White Plains Office (US Attorney’s Office – SDNY) and Andy Cole, former Director of Specialist Investigations at HM Revenue & Customs in the United Kingdom, about how investors and companies in the virtual currency industry should address enforcement actions. Below are key takeaways from the conversation.
ENHANCED ENFORCEMENT – UNITED STATES
The time to act is now. The IRS and the US Department of Justice (DOJ) are collecting virtual currency data at a rapid pace while simultaneously moving forward with tax enforcement cases. The IRS Criminal Investigation (IRS-CI) revamped its operations to “do more with less” using new technology that will move investigations a
Release The Kraken, District Court Orders All Crypto Investors Should Pay Attention forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Third, the Biden Administration s $1.5 trillion budget for fiscal year (FY) 2022 also focuses on enhancing taxpayer compliance – including an additional $900 million for audits, as part of a 10.4 percent increase in the IRS budget. In addition to IRS spending, the discretionary spending proposal includes $191 million for the U.S. Department of the Treasury s Financial Crimes Enforcement Network (FinCEN) to create a database that tracks the ownership and control of certain companies and organizations. The FY 2022 budget will likely include additional proposals to address the tax gap.
Congressional Initiatives
A number of Senate and House members also have introduced initiatives relating to enhancing IRS compliance of large corporations and wealthy individual taxpayer. While not the prime focus given the Biden Administration s infrastructure proposals, some portions of the below proposals could become part of the legislative deal making.
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