The IRS’s Criminal Investigations Division is seeking an additional $ 32 million from the government to combat cryptocurrency tax evasion.
According to the budget rationale report and the tax agency’s annual report and plan, the IRS has outlined a number of areas in which $ 32.3 million in additional funding will support the agency’s efforts to collect taxes on cryptocurrency transactions.
These include expanding the use of specialized services from contractors provided by a group of cryptocurrency experts and creating an internal dashboard for blockchain analytics. If approved, funding will also go towards attracting private sector experts in applied analytics, cybercrime, investigative support and related advisory services.
US President Joe Biden’s administration plans to invest $ 80 billion in the IRS over the next 10 years to expand the agency’s staff and equip it with new tools to fight tax evasion.
Recall that recently the US presidential administration proposed to oblige cryptocurrency firms to notify the Internal Revenue Service about transactions with digital assets in the amount of more than $ 10,000. Earlier, the Deputy Assistant General Counsel of the IRS said that the department would confiscate digital assets from their owners for non-payment of taxes on cryptocurrency activities.
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