For the past few weeks, Americans have been reading about the U.S. Internal Revenue Service (IRS) increasing its tax enforcement to catch cryptocurrency users who haven’t paid taxes. According to a report, the IRS may gain access to bank inflows and outflows through Joe Biden’s American Families Plan. In addition, another story explains how an IRS agent called Bitcoin trader “Mr. Coins ”on the peer-to-peer (P2P) marketplace Localcryptos.com in a 180K trick operation.
America’s tax authorities are stepping up enforcement over Biden’s American Families Plan
The IRS has stepped up enforcement on tax evaders and has recently focused specifically on cryptocurrency transfers. Last April, Forbes employee Guinevere Moore released a report on how President Biden’s American Families Plan aims to improve the enforcement of the IRS. Basically, Moore argues that America’s financial institutions have always had to report capital gains to the IRS, but Biden’s plan requires banks to “aggregate account inflows and outflows.”
Two days ago, Bitcoin.com News reported how the Biden administration was pushing for global rules for crypto data sharing on the $ 3.5 trillion household bill. In late July, the IRS also changed the digital currency issue as the tax authority focuses more on finding taxable crypto transfers.
IRS agent goes undercover as’ Mr. Coins
In addition, the IRS has been actively involved in spike operations, and Forbes associate editor Thomas Brewster stated Jan.
Brewster said the publication had checked a search warrant showing that an IRS agent called himself “Mr. Coins ”on the P2P marketplace Localcryptos.com. According to the report, Mr. Coins went undercover to crack a drug dealer on the darknet (DNM) market and got him to exchange $ 180,000 in cash for digital assets. Mr. Coins communicated with people through Whatsapp and Wickr and Brewster stated that Mr. Coins had a 100% positive feedback rating on the P2P trading platform.
The DNM dealer was arrested in July and the report shows no lawsuit has been filed to date. The suspect’s attorney Localcryptos.com and the IRS declined to comment on the matter, Brewster said. The charges were filed in the Eastern District of New York and allegedly the suspect had been linked to cocaine, cannabis and “pills and opioids”.
What do you think of the IRS stepping up its enforcement against tax evaders and the Mr. Coins sting operation? Let us know what you think on this matter in the comments below.
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