• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Binance.US Takes Action Amidst SEC Complaint: Delists Over 40 Trading Pairs
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Binance.US Takes Action Amidst SEC Complaint: Delists Over 40 Trading Pairs
IRS crypto and bitcoin tax

IRS Launches International Effort to Investigate Cryptocurrency Tax Crimes

Osato Avan-Nomayo by Osato Avan-Nomayo
5 years ago
in Bitcoin Taxes, Altcoins, Bitcoin, News, News teaser
0

The United States Internal Revenue Service (IRS) is taking cryptocurrency tax compliance to the international stage, joining tax authorities from four other nations to form a coalition tasked with combating cryptocurrency-related tax crimes.


Taking the Cryptocurrency Tax Fight to the Global Stage

In recent times, cryptocurrency trading has reached significant levels and can no longer be dismissed as a fad. Countries appear to be waking up to the reality of the considerable trading volume in the market. Thus, cryptocurrency taxes have become a major topic of discussion in many nations around the world.

With tax payments comes the need for adequate monitoring, regulation, and enforcement to ensure compliance. The IRS has been at the heart of virtual-currency related tax compliance, but now it appears the Agency wishes to take the fight to the international stage.

The IRS has teamed up with tax authorities from the United Kingdom, Canada, Australia, and the Netherlands. Together, they have formed the Joint Chiefs of Global Tax Enforcement (J5).

The J5 Mandate

The purpose of the J5 is to fight transnational tax crimes. Cryptocurrency-related tax offenses are a major focus of the J5. The coalition was formed in response to the call from the Organization for Economic Co-operation and Development (OECD) to reduce tax crimes.

According to a statement released by the IRS:

We will work together to investigate those who enable transnational tax crime and money laundering and those who benefit from it. We will also collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology.

IRS is Serious of About Cryptocurrency Tax Compliance

The IRS is particularly concerned about the ease with which cryptocurrency transactions can facilitate tax evasion and other financial crimes — hence, the need for international corporation among national tax bodies. Commenting on the development, head of the IRS criminal investigation unit, Dan Fort, said:

We cannot continue to operate in the same ways we have in the past, [sic] siloing our information from the rest of the world while organized criminals and tax cheats manipulate the system and exploit vulnerabilities for their personal gain.

The J5 aims to break down those walls, build upon individual best practices, and become an operational group that is forward-thinking and can pressurize the global criminal community in ways we could not achieve on our own.

According to the IRS, digital assets like Bitcoin are currencies — hence, they are subject to income tax laws. In the run-up to the 2018 tax filing deadline in the U.S., the IRS claimed that cryptocurrency traders were either underreporting or failing to report earnings from virtual currency trading.

On the flip side, cryptocurrency enthusiasts have accused the IRS of draconian tax policies related to virtual currency trading. Also, many have complained that the Agency’s laws are confusing, urging the IRS to create more explicit tax laws for cryptocurrency trading.

There is no denying that bad actors hide under the cloak of pseudo-invisibility provided by virtual currencies to carry out financial crimes. Such individuals need to be stopped. However, the fight against these criminals shouldn’t be at the detriment of honest cryptocurrency traders.

What do you think about the J5 coalition? Keep the conversation going in the comment section below. 


Image courtesy of IRS.gov, Shutterstock.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Related Posts

Bitcoin

Bitcoin Investors Get Robust Returns In May – How Will Binance Lawsuit Affect Their Gains?

1 day ago
Rare satoshis

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

2 days ago
USDC and Abritrum

Circle Announces Launch of Native USDC on Arbitrum Network, Aims for Faster Transactions

6 days ago
Circle

Circle And Arbitrum Launch Native USDC: What You Need To Know

7 days ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

1 week ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    7 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    7 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    1 week ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • dYdX Price Prediction for June

    1 hour ago
  • InQubeta (QUBE) Presale Sees High Adoption Rate Among...

    2 hours ago
  • Earn Interest with Uninvested Crypto Assets at Blofin

    2 hours ago
  • Cosmos (ATOM) challenger utilizes Blockchain AI –...

    3 hours ago
  • Don’t Ignore These 4 Crypto Gains If You Want To Make...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.