Jun 23, 2019 21:04 UTC
Jun 23, 2019 at 21:04 UTC
Bitcoin Tax Evaders Better Watch Out For The US DoJ
The United States Department of Justice is coming down hard on Bitcoin tax evaders as it is increasing the number of criminal prosecutions for those who are guilty of tax evasion.
Due to the current bull market, BTC is gaining a lot of attention and it is quite likely that stricter regulations are going to be formulated centering the industry.
The IRS is on the front line of this initiative and they have been joined by the DoJ. Crypto tax crimes have steadily increased over the last few years, which is why most countries have opted for laying down stricter tax laws when it comes to digital assets and cryptocurrencies.
The principal deputy assistant attorney general with the DOJ’s Tax Division, Richard Zuckerman, stated that their efforts should be taken as a serious warning to those who believe they can get away with crypto-related tax crimes.
Speaking at New York University Tax Controversy Forum, he said:
“It’s important for deterrence for the public to know that the IRS and the Department of Justice focus in all of the economic strata. The perception that if you’re in one particular economic strata, you get a free pass [is wrong].”
Similarly, the IRS has been taking the crackdown extremely seriously. Commissioner Chuck Rettig has seconded the statements of the Justice Department’s Richard Zuckerman. In fact, the agency is currently recruiting more staffers to expand its enforcement efforts.
This is an important warning for those who have been evading Bitcoin related taxes, that if they continue to commit their crimes callously, they might soon find themselves behind bars.