Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Tax enforcement authorities from five nations announced that they have created a united alliance, the Joint Chiefs of Global Tax Enforcement, known as âthe J5.â The J5 said they are committed to combating transnational tax crime âthrough increased enforcement collaboration,â in other words: working together to gather information, share intelligence, and conduct joint operations.
Also read: Azerbaijan to Tax Crypto Incomes and Profits
The Internal Revenue Service Is on the Hunt for People Who Used Bitcoin to Evade Taxes
The J5 include the Australian Criminal Intelligence Commission (ACIC) and Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Dutch Fiscale Inlichtingen- en Opsporingsdienst (FIOD), the British HM Revenue and Customs (HMRC), and the American Internal Revenue Service Criminal Investigation (IRS-CI).
âWe are convinced that offshore structures and financial instruments, where used to commit tax crime and money laundering, are detrimental to the economic, fiscal, and social interests of our countries,â the IRS posted in a statement on their homepage. âWe will work together to investigate those who enable transnational tax crime and money laundering and those who benefit from it. We will also collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology,â they added.
The group met for the first time last week and developed new plans to identify and pursue cybercriminals and those who enable transnational tax crimes, and who enable and assist money laundering. Further updates on J5 initiatives will be announced in late 2018.
Bitcoin has presented millions of individuals around the world with a unique opportunity to generate a massive amount of revenue through intelligent investing.
The IRS determined that Bitcoin would be treated as property, with losses or gains treated as either capital loss or capital gains for taxation purposes. The IRS reportedly revealed new details about its investigation into tax evasion related to bitcoin, filing court documents that suggest only a tiny percentage of virtual currency owners are reporting profits or losses in their annual returns.
What do you think about the IRS joining 5 nations to crack Bitcoin tax evasion? Share your thoughts in the comments section below.Â
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshiâs Pulse, another original and free service from Bitcoin.com.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.