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Home News

IRS Warns of Rising Crypto Tax Crimes

April 15, 2024
Reading Time: 3 mins read
in News
IRS Warns of Rising Crypto Tax Crimes

Guy Ficco, the criminal investigation chief at the IRS, has raised concerns about a rise in tax crimes linked to cryptocurrency transactions. Ficco highlighted a notable increase in what he termed as “pure crypto tax crimes,” falling under Title 26 of the US Code, which encompasses federal income tax violations. These crimes primarily involve failing to report income from crypto sales and concealing one’s basis in cryptocurrency. Ficco noted that the prevalence of such offenses is likely to persist, with an observed uptick in tax-reporting crimes. He anticipates the IRS to pursue more charges in the coming years as crypto continues to play a significant role in financial transactions.

The IRS’s focus on crypto-related tax crimes comes amidst broader enforcement efforts. Ficco acknowledged the expanding role of cryptocurrency in various criminal activities, including phone scams and romance scams. However, he emphasized that crypto tax crimes are distinct from other forms of crypto-related offenses. The IRS has been reminding individuals of their tax reporting obligations regarding crypto transactions, but past reports suggest widespread failures in compliance. Despite the IRS introducing tax reporting rules for crypto investors since at least 2014, a significant portion of investors have failed to report their crypto-related income accurately.

IRS enforcement efforts are expected to intensify, with the agency hiring experts specifically dedicated to crypto-related issues. Past reports indicate a growing focus on crypto tax issues, with half of the IRS’s active crypto investigations in 2023 involving tax-related matters. This heightened scrutiny suggests that crypto investors should anticipate increased enforcement and regulatory actions regarding tax compliance in the near future.

Reference:
  • IRS Warns of Rising Crypto Tax Crimes
Tags: April 2024CryptocurrencyCyber NewsCyber News 2024Cyber threatsCybersecurityGuy FiccoinvestigationIRS
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