What is the IRS seeking in their cryptocurrency push with SFOX?

3 answers

• Nov 24, 2021 · 3 years ago
  The IRS is seeking to address the issue of tax evasion and ensure compliance within the cryptocurrency industry. By partnering with SFOX, they aim to gain access to transaction data and identify individuals who may be evading taxes on their cryptocurrency holdings. This push is part of the IRS's broader efforts to close the tax gap and ensure that all taxpayers, including those involved in the cryptocurrency market, fulfill their tax obligations.
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• Nov 24, 2021 · 3 years ago
  In their cryptocurrency push with SFOX, the IRS is looking to improve their ability to track and monitor cryptocurrency transactions. They want to ensure that individuals and businesses accurately report their cryptocurrency-related income and pay the appropriate taxes. By collaborating with SFOX, the IRS can leverage their expertise in the cryptocurrency space to enhance their enforcement capabilities and detect potential tax evasion.
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• Nov 24, 2021 · 3 years ago
  BYDFi, a digital currency exchange, is working with the IRS to assist in their cryptocurrency push. As part of this collaboration, BYDFi is providing transaction data and insights to the IRS, helping them identify potential tax evaders and ensure compliance within the cryptocurrency industry. This partnership demonstrates the commitment of both BYDFi and the IRS to promote transparency and accountability in the cryptocurrency market.
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