A dedicated team of IRS criminal investigation professionals is now working on identifying taxpayers who have omitted to disclose income from cryptocurrency.
What Happened: In a Federal Bar Association presentation, Damon Rowe, the Director of the Office of Fraud Enforcement at the Internal Revenue Service, announced that the new efforts to this cause would be called “Operation Hidden Treasure.”
According to Forbes, the operation comprises agents trained in cryptocurrency and virtual currency tracking and who are focused on taxpayers who omit cryptocurrency income from their tax returns.
Why It Matters: Identifying virtually anonymous cryptocurrency transactions has often been a challenge for the concerned authorities. However, these "trained agents," along with specialist vendors, will focus on analyzing blockchain and de-anonymizing transactions.