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The Internal Revenue Service (IRS) Criminal Investigations (CI) division wants millions more dollars to pursue cryptocurrency tax evasion.
According to the tax agency’s Congressional Budget Justification & Annual Performance Report and Plan, the IRS has outlined a number of avenues where additional funding of $ 32.3 million will bolster the crypto tax collection efforts of the agency.
These include expanding the use of specialist contractor support services provided by a group of cyber / crypto experts and building an internal dashboard for blockchain analysis.
If approved, the funding will also be used to hire private sector expertise in the areas of applied analysis, cybercrime, forensic accounting, investigative support and related advisory services, according to the report.
The figure of $ 32.3 million sought by the tax agency is part of a much larger budget request of $ 13.2 billion for fiscal year 2022, an increase of $ 1.2 billion, or about 10%, compared to the previous year.
US President Joe Biden plans to inject $ 80 billion into the IRS over the next 10 years to expand the law enforcement agency’s staff and equip them with new tools to fight fraudsters fiscal.
The Biden administration also recently outlined several new crypto reporting requirements in a 2022 budget proposal, released last month.
The budget included two proposals to “report broker information with respect to cryptocurrency assets and a comprehensive reporting structure for financial accounts for tax compliance purposes.” The second proposal would require financial institutions to report data on user accounts whose transactions exceed a threshold of $ 600.
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