The US Internal Revenue Service has set up a criminal investigation team to investigate whether Bitcoin and other cryptocurrencies are being used to evade taxes, according to news agency Bloomberg.
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.
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Read more at: Tax Times blog
