US authorities to pursue crypto traders evading taxes

The U.S. Internal Revenue Service (IRS) has launched Operation ‘Hidden Treasure’ to root out residents concealing their income from cryptocurrency transactions. This, according to Forbes.

The Director of the IRS Fraud Enforcement Division, Damon Row, said the aim of the operation is to root out tax evasion by owners of digital assets.

According to IRS Chief Fraud Counsel Carolyn Shenk, the agency is working with private contractors to identify clear signs of violations.

“We see you,” Shenk said.

Earlier in March, the IRS explained in which cases you do not need to report Bitcoin on your tax return.

Earlier the IRS sent out letters to cryptocurrency holders demanding that they settle substantial debts to the state.

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