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<ul><li>IRS Criminal Investigation Chief, Guy Ficco, highlights an aggressive focus on cryptocurrency tax evasion.</li><li>To enhance enforcement, the IRS has formed partnerships with blockchain analytics firm Chainalysis.</li><li>The IRS is advising U.S. citizens to accurately report cryptocurrency earnings to avoid potential penalties.</li></ul>As the U.S. tax filing deadline approaches, the Internal Revenue Service (IRS) is preparing for an expected increase in cryptocurrency-related tax crime cases, signaling a more aggressive enforcement approach. The IRS criminal investigation chief, Guy Ficco, recently <a href="https://www.cnbc.com/video/2024/04/12/irs-criminal-investigation-chief-agency-prepared-crypto-tax-crimes-cnbc-crypto-world.html" rel="noopener noreferrer nofollow">highlighted</a> the agency&#39;s focus on combating these tax evasions during his talk at the Chainalysis Links event in New York.Cryptocurrencies have been increasingly associated with financial crimes such as fraud and money laundering. However, Ficco pointed out a surge in what he termed &#34;pure crypto tax crimes,&#34; including failure to report income from cryptocurrency transactions or misrepresenting the tax basis of these assets. The <a href="https://cryptotale.org/irs-ramps-up-efforts-on-crypto-tax-enforcement-report/" rel="noopener noreferrer nofollow">IRS</a> predicts that the number of tax crime cases related to cryptocurrency will see a significant rise as more people engage in crypto transactions without proper reporting.To tackle these challenges, the IRS has teamed up with <a href="https://x.com/chainalysis" rel="noopener noreferrer nofollow">Chainalysis</a>, a leading blockchain analysis firm, and other law enforcement agencies. These partnerships are designed to enhance the IRS’s ability to trace and monitor the flow of cryptocurrency. Ficco emphasized the expertise provided by Chainalysis, which aids IRS special agents in navigating the complex landscape of crypto transactions.<a href="https://cryptotale.org/irs-heightens-scrutiny-on-crypto-related-tax-evasion/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

IRS Heightens Scrutiny on Crypto-Related Tax Evasion

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