An Internal Revenue Service (IRS) official said he expects more crypto cases related to tax violations.
IRS Chief of Criminal Investigation Guy Ficco said in a new interview with CNBC that crypto tax crimes, such as failing to report income from trading digital assets, are on the rise.
“What we are seeing more and more now are pure cryptocurrency tax crimes. These become Title 26, federal income tax violations specifically related to cryptocurrencies.
This may be purely due to the fact that they are not reporting income generated from the sale of cryptocurrencies, and may be concealing or concealing the true basis of the cryptocurrencies. So this is an area where we've seen an increase and we expect to see a lot more going forward, and we're going to see more Title 26 crypto cases prosecuted here this year and going forward. ”
Ficco also points to the importance of public-private partnerships in tracking cryptocurrency crimes, as private companies such as Chaineries have the expertise and tools to trace ownership of crypto assets.
“Chainalysis, along with some other partners, has been very helpful in cracking the code for us and other law enforcement agencies. I think it's the partnership aspect, the public-private partnership aspect. [is important]…
Almost all of my IRS special agents have accounting degrees and are incredibly capable at tracking and tracing money, but when you start investigating in the world of cryptocurrencies Some tools and applications obscure true ownership, and that's where the experts come in. Support from companies like Chainarise [come in] And these tools and applications allow my special agents to use that to move forward and determine whether a crime was committed. ”
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