How Cos. Can Respond To Growing Crypto Tax Enforcement

By Mayling Blanco, Carlos Ortiz and Robert Morris (October 5, 2020, 2:16 PM EDT) -- Tax authorities, both domestic and foreign, have been building an arsenal of tools and experts to monitor and audit cryptocurrency transactions. This increased weaponry has led to a growing number of international arrests by the Joint Chiefs of Global Tax Enforcement, or J5, and the U.S. Department of Justice, with each member organization arresting individuals allegedly involved in crypto fraud or seizing funds from their activities.

Not surprisingly, the Internal Revenue Service is keeping pace with these efforts and closing in on those who may have attempted to take advantage of the perceived anonymity of these transactions to evade taxes. As...

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