IRS wants better relationships with Crypto companies to fight Crypto crime

An agent from the IRS said that the agency wants a ‘Symbiotic Relationship’ With Crypto Companies So that the agency can easily fight against the crimes associated with Crypto financial activities.

The Internal Revenue Service (IRS) is the revenue service of the United States federal government. This agency is responsible for collecting US federal taxes and administering the Internal Revenue Code. IRS also works to find out erroneous or fraudulent tax filings. 

Recently Thomas Fattorusso, a special agent in charge of IRS-CI’s New York field office, appeared in an interview with Wall Street Journal. In the interview, he talked about the increasing adoption of cryptocurrencies and noted that this innovative sector will stay here. 

Folks that don’t understand crypto think it’s easier to commit crimes when it’s actually the polar opposite.

IRS Sees Crypto Companies as Potential Crime-Fighting Partners – WSJ https://t.co/aYCCbfUHqQ

— Orlando Alzugaray Jr (@BigOShow) January 3, 2023

Further, he said that the agency wants a better partnership with Crypto companies to fight against the bad actors, which are using cryptocurrencies in their illegal activities.

“That’s something that we’re always working toward. I can’t say whether we’re receiving that or not, but that’s always the end goal, to have those partnerships…more of a symbiotic relationship. It helps them in their legitimacy. This is a new industry for everybody. I think we’re still trying to feel our way around it. The companies are feeling their way around it.”

Thomas said

IRS agent also confirmed that he is hoping that the agency will hire some Crypto & Blockchain talents to gain a better ability to investigate illegal Crypto financial activities. 

Just a few weeks ago, IRS also released a new draft for new crypto reporting rules for the tax year of 2022 and ordered Crypto Investors to report the NFTs purchases also but at the same time mentioned that there is no need to report the Cryptocurrencies purchase made through PayPal & Venmo wallet.

The majority of the Crypto leaders noted that the IRS is one of the US government agencies which supports Crypto positively to regulate instead to impose restrictions.

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