The U.S. Internal Revenue Service, fresh off its success in uncovering U.S. assets hidden in Swiss banks, has assigned elite criminal agents to investigate whether Bitcoin and other cryptocurrencies are being used to cheat the taxman.
A new team of 10 investigators is focusing on international crimes. In addition to following undeclared assets that are flowing out of Swiss banks after a crackdown, it will also build cases against tax evaders who use cryptocurrency.
The Promise Of Anonymity That Has Drawn Money Launderers And Drug Dealers To Virtual Coins
Is Also Attracting Tax Cheats, The IRS Has Said.
The unit is focusing on how users convert cash to
cryptocurrency and back again. Cryptocurrencies are taxed in the US as non-cash
property whose gains are either capital or income, says US law firm Proskauer
Rose. The same is true of Canada.
for a FREE Tax Consultation Contact Us at:
or Toll Free at 888-8TaxAid (888 882-9243).
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