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The United States Internal Revenue Service (IRS) criminal investigation division is ramping up for tax season<\/a> with its sights set on the crypto community.<\/p>\n According to a report from Bloomberg Law, the division chief Jim Lee said they are preparing \u201chundreds\u201d of crypto-involved cases, many of which will soon be available to the public.<\/p>\n Lee said in the last three years, there has been a major shift in digital asset investigations conducted by the IRS. Previously these investigations were mostly money-laundering related, whereas now tax-related cases make up nearly half.<\/p>\n This includes what is often called \u201coff-ramping\u201d transactions where digital assets are exchanged for a fiat currency, along with not reporting crypto payments<\/a>.<\/p>\n In a different report released by the agency on Nov. 3, the IRS reported that in 2022 the 2,077 special agents of the division<\/a> spent nearly 70% of their time investigating tax-related crimes like tax evasion and tax fraud. While the other 30% was spent on money laundering and drug trafficking cases.<\/p>\n The division chief said following the money is nothing new and they\u2019re ready to pivot into new realms, including Web3.<\/p>\n \u201cWe’ve been doing it for more than 100 years, and we’ve followed criminals into the dark web and now into the metaverse.”<\/p><\/blockquote>\n The report cited a crypto-related case as an example, which involved tracing billions of dollars in Bitcoin stolen from Bitfinex after its 2016 hack and led to the arrest of two individuals.<\/p>\n Related: <\/u><\/em><\/strong>74% of public agencies feel under-equipped for crypto investigations: Report<\/em><\/strong><\/a><\/p>\n This comes after the IRS introduced a broader \u2018Digital Assets\u2019 category ahead of upcoming tax season. It grouped cryptocurrencies, stablecoins and nonfungible tokens (NFTs)<\/a> all together under a new \u201cDigital Asset ” category.<\/p>\n As decentralized financial technologies and assets become more mainstream, regulators are reacting<\/a>, therefore enforcing more reporting requirements.<\/p>\n Binance has been actively holding workshops for global regulators<\/a> to better understand digital assets and their implications. These activities increased after the exchange hired a prominent IRS cybercrime investigator to lead its anti-crime unit. Source link <\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The United States Internal Revenue Service (IRS) criminal investigation division is ramping up for tax season with its sights set on the crypto community. According to a report from Bloomberg Law, the division chief Jim Lee said they are preparing \u201chundreds\u201d of crypto-involved cases, many of which will soon be available to the public. Lee […]<\/p>\n","protected":false},"author":1,"featured_media":301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[15],"tags":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvN2Q4NjE5YmItZTA5Ni00YzgxLTk5MDgtYTk5NWVmNTJjMDE4LmpwZw==.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/300"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=300"}],"version-history":[{"count":1,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/300\/revisions"}],"predecessor-version":[{"id":304,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/300\/revisions\/304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/301"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}