IRS Wants $32M in Funding to Enforce Crypto Taxation, Hire Contractors

SourceYahoo News
SectorFinancial Markets
CountryMiddle east

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Sebastian SinclairJune 8, 2021, 8:14 PM·1 min readOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.

The Internal Revenue Service’s (IRS) Criminal Investigation Division (CI) wants millions more in funding 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 that $32.3 million in additional funding will bolster the agency’s crypto tax collection efforts.

These include expanding the use of specialized contractor support services provided by a group of cyber/crypto experts and building an internal dashboard for blockchain analytics.

Related: How Do You Know Crypto Is Winning? Look Where the Talent Is Going

If approved, the funding will also go towards hiring private sector expertise in applied analytics, cybercrime, forensic accounting, investigative support and related consulting services, according to the report.

The $32.3 million figure the tax...read more...