Prepare For Global Collaboration In Crypto Tax Enforcement

Law360 (April 16, 2021, 6:03 PM EDT) -- Over the past few years, the U.S. Department of Justice and the U.S. Securities and Exchange Commission have been two of the most active cryptocurrency regulators in high-profile enforcement actions.

However, their partners in the Joint Chiefs of Global Tax Enforcement, or J5,[1] and the Internal Revenue Service continue to keep pace with these efforts, and have increasingly become important cryptocurrency regulatory agencies.

Recent public statements by the J5 reaffirm law enforcement's focus on the cryptocurrency industry. The IRS and J5 have made no secret of their intent to prosecute taxpayers who use cryptocurrency as a means to evade taxes. The...

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