The US Internal Revenue Service (IRS) has reported an increase in crypto tax investigations for the 2023 fiscal year. Cases range from failure to report capital gains to concealing crypto ownership disclosures. The IRS initiated over 2,676 cases involving $37 billion related to tax and financial crimes. These investigations involve unreported income from the sale of cryptocurrency, income earned from mining, and income received in the form of cryptocurrency. The IRS is also seeing evasion of payment violations where taxpayers fail to disclose ownership of cryptocurrency. The US is eager to implement new tax reporting guidelines to address tax evasion risks posed by digital assets. The proposed rules would require crypto brokers to register new information on users’ crypto transactions with the IRS. Coinbase’s Vice President of Tax has requested the IRS to revise the proposed regulations, citing concerns over user privacy and an uneven playing field with traditional finance.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Lawrence Zlatkin, Jim Lee
Companies	Coinbase, Treasury, Department of Justice, Binance, US Internal Revenue Service (IRS)
Currencies	None
Securities	None