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IRS Expanding Employment, Building “Hundreds” Of Crypto Cases

IRS-According to Bloomberg Tax story quoting division chief Jim Lee, the Internal Revenue Service is working on “hundreds” of soon-to-be-public cases involving cryptocurrency.

According to reports, the cases being developed involve cryptocurrency-to-fiat “off-ramping” transactions and people receiving payments in cryptocurrency without declaring them as income.

The report comes after it was revealed that the IRS now has the authority to summon M.Y. Safra Bank via a “John Doe” summons. As a result, the tax office was able to get information about the clients of SFOX, the bank’s partner and major crypto broker.

IRS representative warned that wide information demands to crypto exchanges

similar to those previously seen involving Coinbase, Kraken, and Circle, should be “expected more” in March.

The IRS has made it apparent that it intends to increase employment across the board. For the balance of the fiscal year, Lee has now stated that the tax authority anticipates a “more significant” staffing rise.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.