The Internal Revenue Service (IRS) plans to significantly accelerate digitalization of processes in fiscal 2021, eliminate a lot of paperwork, and provide better tracking of cryptocurrencies.
To meet this ambitious goal, the IRS will carry out a large-scale modernization of the IT infrastructure and launch several solutions using artificial intelligence and machine learning at once. Solutions will allow better tracking of cryptocurrency transactions. In addition, automated “chat bots” will be launched to work with consumers.
“The initiative will make it possible to use publicly available sources of information about cryptocurrency transactions, eliminate data conflicts and conduct analysis. This will demonstrate the value of the Service. An automated data collection process will be created and made available throughout the agency. Data will be collected from the dark web and the Internet, social platforms and networks, government records and applications, as well as technical services such as DNS, IP geolocation, and so on, ”reads an article on the IRS website.
Recall that at the beginning of the month, the IRS requested from the Circle and Poloniex cryptocurrency exchanges the data of customers who performed transactions with cryptocurrencies in the amount of more than $ 20,000 between 2016 and 2020. The IRS believes that many traders have not reported their income from cryptocurrency trading.
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