{"id":3250,"date":"2018-02-10T04:54:19","date_gmt":"2018-02-10T04:54:19","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=3250"},"modified":"2018-02-10T04:58:20","modified_gmt":"2018-02-10T04:58:20","slug":"news-commentary-330-world-mining-bad-news-u-s-bitcoiners","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=3250","title":{"rendered":"News Commentary #330 – World Mining Has Bad News for U.S. Bitcoiners"},"content":{"rendered":"

The IRS Takes Its Tax Evasion Hunt to the Blockchain.<\/strong><\/p>\n

World Mining<\/a> (reviewed here<\/a>) regularly reports on what is going on internationally in the cryptocurrency world.\u00a0 We usually don\u2019t relay these reports on to you as we prefer to limit our news to updates dealing specifically with developments associated with the programs we feature in the EmilyNews<\/em> monitor.\u00a0 However, since the majority of our readers are from the U.S., we felt it might be appropriate to reprint the following release from World Mining<\/a> dealing with efforts the U.S. Internal Revenue Service is making to catch tax evaders that try to hide their income in crypto currency exchanges.<\/p>\n

Here it is\u2026<\/p>\n

As the adage goes, there are two certainties in life: death and taxes. For any U.S. bitcoiners considering wriggling out of the latter, that task just got a little harder. The country\u2019s Internal Revenue Service has revealed that it\u2019s bolstering its armory to make it easier to track down crypto tax evaders. It\u2019s now assembled a crack team of blockchain forensic experts to help claim its pound of flesh.<\/p>\n

The Taxman Tools Up.<\/strong><\/p>\n

U.S. citizens have known for some time that the IRS has been shining its spotlight on the crypto space. The first flickers emerged over a year ago, after the tax body subpoenaed Coinbase for its user data in a case that wound up in the courts before the IRS ultimately prevailed, securing the details of over 15,000 exchange customers. That spotlight has gotten discernibly brighter now that the IRS has successfully enlisted heavyweights with the tools and skills to pry into blockchain activity.\u00a0Don Fort In an\u00a0interview, IRS chief Don Fort revealed how the Criminal Investigation Division, which he heads, has added 10 new investigators. \u201cIt\u2019s possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion,\u201d he said. Bloomberg reports how the Criminal Investigation Division has actually lost key staffers since 2011 on account of budget cuts. The recruitment of 10 new staffers will see the division returned to full strength, complete with its own crew of blockchain experts.<\/p>\n

Forensic Tools for a Digital Age.<\/strong><\/p>\n

The range of blockchain tools available to U.S. investigators is getting more numerous and sophisticated. Companies such as\u00a0Bitfury\u00a0have earned ire from the crypto community for their willingness to work hand in glove with law enforcement to scrutinize blockchain activity, clustering related addresses together and highlighting suspicious activity. The company\u2019s advisor, Jason Weinstein, a former DOJ investigator, crowed: \u201cHaving a traceable public ledger of every bitcoin transaction ever conducted allows law enforcement to \u2018follow the money\u2019 in a way that would never be possible with cash.\u201d\u00a0Most countries expect their citizens to pay take on cryptocurrency, so it is not atypical for an agency such as the IRS to take a proactive stance on bitcoin. U.S. agencies are famed for their unparalleled investigative powers, though, and tentacles that extend way beyond home turf. In fact, the IRS recently wrapped up a successful investigation into U.S. assets concealed in Swiss bank accounts. If it has reason to believe citizens within its jurisdiction are hiding their cryptocurrency in overseas exchanges, it will have no qualms about following suit. When it comes to taxation, U.S. bitcoiners can roughly be split into three groups: those (begrudgingly) intending to pay, those hoping the IRS will spare them on account of having bigger fish to fry, and those willing to do whatever it takes not to pay, even if that means moving to Puerto Rico. While the IRS lacks the resources to pursue every U.S. citizen with a stake in cryptocurrency, the tide is evidently turning. The days of wide scale cryptocurrency tax avoidance are surely numbered. Do you think the IRS will start coming after U.S. bitcoiners in bulk, or is it simply trying to scare crypto holders into paying tax?<\/p><\/blockquote>\n

<\/a><\/p>\n

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The IRS Takes Its Tax Evasion Hunt to the Blockchain. World Mining (reviewed here) regularly reports on what is going on internationally in the cryptocurrency world.\u00a0 We usually don\u2019t relay these reports on to you … News Commentary #330 – World Mining Has Bad News for U.S. Bitcoiners<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2817,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[792,793,801,797,798,800,840,799,802,803,910],"class_list":["post-3250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-httpsworld-mining-net","tag-world-mining","tag-world-mining-info","tag-world-mining-investment-plan","tag-world-mining-investment-program","tag-world-mining-news","tag-world-mining-review","tag-world-mining-scam-or-paying","tag-world-mining-update","tag-world-mining-updates","tag-world-mining-net","exalt-entry"],"yoast_head":"\nNews Commentary #330 - World Mining Has Bad News for U.S. Bitcoiners - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=3250\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Mining Has Bad News for U.S. Bitcoiners | FAIR and FAST HYIP News | EmilyNews | EN | FAIR and FAST HYIP News | EmilyNews | EN\" \/>\n<meta property=\"og:description\" content=\"The IRS Takes Its Tax Evasion Hunt to the Blockchain. 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