United States Internal Revenue Service (IRS)is preparing to file hundreds of crypto lawsuits in the coming days, according to reports.
According to a new report published by Bloomberg Tax, Jim Lee, one of the IRS officials, announced that the institution’s crime-fighting unit will soon file hundreds of lawsuits related to cryptocurrencies.
In his interview, Lee mentioned that the focus of the investigations opened by the IRS regarding cryptocurrencies has now changed.
“We have seen a big change in crimes committed over digital assets in the last 3 years. Cryptocurrencies used to be used only for money laundering. But nowadays tax evasion with crypto is the new trend.”
The IRS official stated that almost half of the crypto files they currently hold are related to tax evasion. Allegedly, taxpayers exchange their crypto payments with fiat money without notifying the institution.
The Internal Revenue Service recently released its annual report. According to the data, $5.7 billion worth of taxes were evaded in 2022. The report states that more than 70% of civil servants spend their time fighting tax evasion.
Jim Lee has spoken quite assertively about tax evasion. The official stated that they do a strict tax follow-up, and even if people evacuate their taxes to the metaverse, there is no escape.
The IRS has redefined asset classes in recent weeks. Institution; cryptocurrency, stablecoin and NFTs “Digital Asset” included in the class.
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