The Joint Chiefs of Global Tax Enforcement (J5)— tax authorities of Australia, Canada, Holland, the UK, and the US—recently convened investigators, cryptocurrency experts, and data scientists in a virtual event, “The Challenge,” where the J5 honed in on developing leads and jumpstarting investigations into criminals’ use of the FINtech industry.
The Internal Revenue Service (IRS) and the U.S. Department of Justice (DOJ) recently showed their hands in their ongoing fight against tax noncompliance relating to cryptocurrency. The IRS is authorized by statute to issue John Doe administrative tax summonses to obtain information from third-parties regarding taxpayers whose identities are unknown.
The continuing expansion of virtual currencies adoption and the need for financial service providers to understand how to identify cryptocurrency transactions and how to manage its potential risk is increasing. K&F Director of Investigations Don Fort participated in a webinar on February 25, 2021, entitled “I’m Getting Rich on Bitcoin”
By Michael Sardar The CPA Journal January 2020 Edition Cryptocurrency is here to stay. As of November 17, 2019, the top five cryptocurrencies by market capitalization had a combined value of approximately $196 billion, and consumers can now use cryptocurrency in place of legal tender at numerous online and brick-and-mortar retailers.
Op-Ed By Bryan C. Skarlatos Featured on CNBC Crypto currencies may have been around for less than a decade, but they are proliferating so quickly that our established tax and regulatory systems can’t keep up. And that could create serious tax problems for those who would join the digital currency revolution.
