IRS Teams Up With Other Nations To Attack Cryptocurrency Tax Crimes

The IRS and four other countries have created a task force to investigate cryptocurrency crime, including tax fraud and money laundering.

U.S. tax authorities will work with those from Australia, Canada, the U.K. and the Netherlands to counter “the growing threat” from cryptocurrencies. Known as the Joint Chiefs of Tax Enforcement, or J5, the task force will focus on transnational tax crimes. The IRS said a joint effort is needed because cryptocurrencies facilitate easy cross-border transactions.

Europol recently broke up a drug trafficking group that was using a Norwegian cryptocurrency exchange to launder money. The IRS has been cracking down on tax evasion involving cryptocurrency transactions, since ruling they were taxable in 2014.

Investing.com

July 9, 2018