Nearly 50% of crypto investigations in 2022 involved tax issues, IRS says
Crypto investigations are no longer focused on money laundering as about half of the crypto probes in 2022 involved tax, the IRS says. As per a Bloomberg report, Jim Lee, head of the Internal Revenue Service’s (IRS) criminal investigation division says that crypto investigations now cover various offenses such as failure to report income from capital crypto gains or mining activities to not disclosing crypto holdings. The report says the IRS unit’s played a pivotal role in the criminal case against Binance and its executives, when the exchange’s founder Changpeng Zhao pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement. However, no other details were specifically given about the unit’s efforts on the matter. Meanwhile, the IRS is struggling to come up with a new framework for crypto as in late Oct. 2023, the agency extended the period for comments on crypto tax reporting requirements until Jan. 25, 2024 in...