MENU

IRS Prepares An Increase Of Hundreds Of Crypto Criminal Tax Cases

Although the Internal Revenue Service (IRS) has made no secret of its emphasis on cryptocurrency cases, the criminal investigation unit of the IRS has just announced that they are currently building hundreds of crypto criminal tax cases, many of which will soon be public.

IRS Prepares An Increase Of Hundreds Of Crypto Criminal Tax Cases

IRS-CI Hones In On Cryptocurrency Tax Fraud

Division Chief Jim Lee of the IRS’s Criminal Investigation Branch (IRS-CI) continues to focus on prosecuting tax fraud cases that involve cryptocurrency transactions. Many of the hundreds of cases the division is now exploring involve “off-ramping” transactions, where digital assets are exchanged for cryptocurrency. Other cases are focused on situations where people are being paid with cryptocurrency that they are not reporting on their tax returns.

Although the IRS-CI was previously primarily focused on money laundering, cryptocurrency tax fraud cases are becoming more prevalent for the division. Last year, the IRS developed the Office of Cyber and Forensic Services to better address the investigation of digital assets and cybercrime, analyze digital forensics, and support physical forensics efforts. Division Chief Lee has indicated that the department now holds the capability to trace almost any cryptocurrency transaction.

Recent Cryptocurrency Investigation Success

The IRS-CI released its annual report earlier this month, in which they highlight several of its cryptocurrency fraud successes. Among their achievements include the largest financial seizure of cryptocurrency in US history. Additionally, the agency seized approximately $7 billion in cryptocurrency in the 2022 fiscal year, which is more than double the year prior. The agency boasts a conviction rate of over 90% for the tax fraud cases they investigate, a large percentage of which include cryptocurrency and digital currency transactions.

This announcement from the IRS-CI as they investigate hundreds of cryptocurrency criminal tax cases is serious business for individuals who have taken advantage of cryptocurrencies and hoped to be able to evade taxes. Cryptocurrency tax law continues to develop as the IRS-CI strengthens its focus on cryptocurrency-related tax crimes.

Do You Need Legal Representation for a Tax Controversy in Arizona?

If you are facing a tax controversy or need representation against the IRS, schedule your consultation with Silver Law, PLC, a leading Arizona tax attorney firm. Our experienced attorneys are former IRS employees who have a solid understanding of tax law and IRS procedures. We provide aggressive, ethical representation for all of our clients while working to protect their rights. Don’t try to face tax difficulties alone; Silver Law, PLC is ready to provide the legal advice and representation you need for the best possible outcome. Contact us today!

 

Silver Law PLC Logo

Email: lchapman@silverlawplc.com
Website: taxcontroversy.com

Arizona Location
7033 E. Greenway Pkwy, Ste 200
Scottsdale, AZ 85254

Office:480-429-3360

Nevada Location
410 South Rampart Blvd, Suite 390
Las Vegas, Nevada 89145

Office: 702-726-6819

Henderson Location
170 S. Green Valley Parkway
Suite 300 Henderson, NV 89012

San Diego Location
1373 Grand Avenue,
San Diego, CA 92109

| Leave a comment

Leave a Reply

2022 badge for Best Lawyers in USA 2021 badge for Best Lawyers in USA 2020 badge for Best Lawyers in USA 2019 badge for Best Lawyers in USA 2018 badge top-tier Scottsdale tax lawyers at Silver Law PLC best-law-firm-award-2017 Silver Tax Law best tax lawyers in America 2016 Silver Tax Law best tax lawyers in America 2015 Silver Tax Law best tax lawyers in America 2014
Tax Litigation | Our Civil Tax Litigation Experience | OUR CRIMINAL TAX LITIGATION EXPERIENCE | TAX AUDIT REPRESENTATION | OUR AUDIT AND APPEALS EXPERIENCE
TAX COLLECTIONS | INNOCENT SPOUSE RELIEF | REPRESENTATIVE CLIENTS | FOREIGN TAX REPORTING/OFFSHORE VOLUNTARY DISCLOSURE
taxcontroversy.com