Tuesday November 29, 2022 – The IRS will spend $80 Billion, mostly on collections. Part of the collection plan includes expanding the IRS Criminal Investigation Unit. And the Criminal Investigation Unit is focused on Crypto for 2023.
We all know the US Government has put crypto in their crosshairs. Beginning in 2016 the IRS has been exposing taxpayers who failed to report their taxable gains from cryptocurrency transactions by issuing John Doe summonses to crypto exchanges and dealers. The IRS does not target the exchanges or dealers with a John Doe Summons, instead the IRS targets the information of their customers. So, keep a close look on the IRS efforts to target you if you are into Crypto.
Attorney Steven A. Leahy investigates the Criminal Investigation Unit of the IRS on Today’s Tax Talk.