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An IRS special agent told The Wall Street Journal that he would like to work with cryptocurrency companies to combat financial crime. He told the WSJ that the goal is a “symbiotic relationship.”‘
The U.S. Internal Revenue Service (IRS) wants to partner with cryptocurrency companies to fight crime in the industry. The Wall Street Journal reported that the IRS’s chief law enforcement officer said “crypto is here to stay,” which is why the agency wants to work with crypto companies.
Thomas Fattorusso, a special agent in charge of the IRS-CI’s New York field office, said: told the WSJ The IRS’ Criminal Investigation Division was hiring hundreds of new employees. Fattorusso is not hostile to this asset class, stating: we have to accept it. ”
He also noted that asset classes are becoming more legitimate and sophisticated. As such, he wants to work with crypto companies with the goal of having a “symbiotic relationship.” He said,
“That’s what we’re always striving for. I don’t know if we get it, but it’s always been the end goal, to make those partnerships… more symbiotic. That’s what they do.” It’s a new industry for everyone, and I think we’re still trying to get around it, and companies are looking for ways to get around it.”
FatRusso was also optimistic about agencies hiring younger, tech-savvy talent to reach that goal. This would certainly help agencies ramping up their crypto-related efforts.
NFTs must now be reported on tax forms
The IRS recently released new draft virtual currency reporting rules for the 2022 tax year. One of the most significant changes is that the taxpayer must also report her NFTs. The Form 1040 draft also states that reporting is not required for cryptocurrency purchases made through PayPal and Venmo.
Over the years, the IRS has made several amendments to tax filings related to cryptocurrencies. It seems to form a cohesive set of rules for asset classes.
When it comes to tackling crypto-related crime, the IRS is also not slowing down. A court order issued in September 2022 allowed the IRS to track people who didn’t pay their crypto tax. John Doe summons related to broker SFOX crypto transaction data. This could be the beginning of more such orders.
It is clear that the IRS, like other authorities in the country, is stepping up its efforts to control the crypto market. On the positive side, all such authorities want cryptographic entities to operate as long as they stay within the law.
Disclaimer
BeInCrypto has reached out to the companies or individuals involved in the story to obtain an official statement regarding the recent developments, but has yet to hear back.
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