Increase In Cryptocurrency Tax Evasion Cases Expected This Year

According to Foresight News, Guy Ficco, the Criminal Investigation Chief of the U.S. Internal Revenue Service (IRS), recently stated that there is an expected rise in cryptocurrency tax evasion cases this year. The IRS is reportedly prepared to handle this increase and is collaborating with blockchain analysis company Chainalysis and several other law enforcement agencies to better combat cryptocurrency crimes. The aim of these collaborations is to enhance the effectiveness of their efforts against tax evasion and other financial crimes involving cryptocurrencies. The IRS is taking these steps in response to the growing use of digital currencies and the potential for their misuse in tax evasion and other illegal activities.