IRS Criminal Chief Confirms Building ‘Hundreds’ Of Crypto-Related Cases – By Nica Osorio (IB Times) / Nov 7, 2022
- The IRS said it will soon reveal to the public the crypto cases it is working on.
- The IRS division confirmed cases include tax fraud, money laundering and off-ramping, to name a few
- The IRS listed the tax evasion sentencing of Bitqyck founders Bruce Bise and Samuel Mendez
The criminal investigation division of the United States Internal Revenue Service (IRS) confirmed that it is building “hundreds” of cryptocurrency-related cases for the upcoming tax season and would make them public soon.
The cases, according to IRS Criminal Investigation division chief Jim Lee, are no longer mostly made up of money laundering but includes tax cases too, he told Bloomberg Tax. The crypto-related cases now involve off-ramping transactions and people getting paid in crypto but not reporting them.
Off-ramping is a term used for the act of exchanging digital assets for fiat currency. Lee revealed that unlike in the past, the IRS can now trace cryptocurrency transactions but when asked to give further details on this, he declined to elaborate.
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