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IRS, DHS, DEA form new task force targeting ‘crypto’ crime
The three have partnered with the Office for US Attorneys and Postal Inspection Service to target crypto drug trafficking, money laundering, child exploitation.
The three have partnered with the Office for US Attorneys and Postal Inspection Service to target crypto drug trafficking, money laundering, child exploitation.
The $44 billion claims sought by the IRS target the collapsed crypto empire of SBF, including entities such as West Realm Shires, Ledger Holdings, Paper Bird, and North Dimension, among others.
In a petition filed in San Francisco, Kraken argued that it should not be required to comply with “the enormous burdens” imposed by the IRS’s request for user data.
Under the proposed guidance, NFTs are covered by the tax law if they have been identified as a "collectible," which can be an artwork, antique, stamp or coin, or tangible personal property.
Regulating the sector remains on the cards for the United States, as seen in the recent developments in the space, including tax reforms, a new roadmap, and the adoption of virtual currencies as payments.
Ralph Wallace shared on the sidelines of the Future Networks World Forum in Montreal how the U.S. task force uses IPv6 and how to start innovating with this new iteration of the internet.
Following an in-depth consultation, the IRS said it is pushing back the implementation of a new reporting threshold to the 2023 tax year to help taxpayers prepare and avoid confusion.
Jim Lee, head of the IRS criminal investigation department, noted that the cases are in their “hundreds,” with the bulk being in the field of “off-ramping” transactions.
The IRS has amended “virtual currency” to “digital assets” in the 2022 tax year draft instructions, expanding the category to include NFTs and stablecoins.
The summons, often referred to as a "John Doe" summons, seeks information on customers of SFOX who may not have reported their digital currency gains on tax returns.
The filings also mention M.Y. Safra Bank, which partnered with SFOX in 2019 to offer its customers cash deposit accounts backed by the FDIC.
The tax law amendment requires individuals and businesses that receive $10,000 or more in digital currencies to report the sender's name, date of birth, and social security number to the government.