Tax-evading crypto investors in the United States come under IRS scrutiny

The Internal Revenue Service (IRS) will issue invitations to appear before the agency to users who do not file tax returns and do not pay tax on crypto transactions. This will be possible after a corresponding разрешения суда.

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The document obliges M.Y. Safra Bank of New York to provide information about those who fall under the criteria above.

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The firm provides services to the cryptocurrency broker and bitcoin exchange SFOX. The executive order affects 175,000 of the company’s clients, and the company has processed transactions totaling more than $12 billion since 2015.

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The IRS believes that taxpayers do not comply with tax-law requirements when it comes to digital assets.

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U.S. Attorney for the Southern District of New York, Damian Williams, said that the government will deploy every tool at its disposal to identify evaders and enforce their obligations.

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Earlier in March, the U.S. Treasury proposed proposal to extend to cryptocurrencies the information-reporting requirement on foreign accounts with assets over $50,000.

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Earlier, the White House projected additional receipts of $11 billion from taxes on digital assets through 2032.

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In June, a bill was introduced in the U.S. Senate to exempt cryptocurrency transactions up to $50 in equivalent from capital gains tax.

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