Earlier this week, Tesla Inc (NASDAQ: TSLA) announced that customers could now buy a Tesla with Bitcoin (CRYPTO: BTC), but Ark Invest s Cathie Wood isn’t so sure investors should use it as a means of payment.
What Happened: In a webcast hosted by CBOE, Wood said that those that. Read More.
IRS Launches Operation Hidden Treasure to Target Unreported Crypto Income
The U.S. Internal Revenue Service (IRS) has reportedly launched an operation to target cryptocurrency investors. Dubbed “Operation Hidden Treasure,” the team consists of agents trained in the field of cryptocurrency and transaction tracking.
Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” last week at a Federal Bar Association presentation on combating fraud, Forbes reported. The long-time veteran of the IRS Criminal Investigation division explained that the office has put together a dedicated team of IRS criminal investigation professionals to work on this operation.
Click HERE to find out ⭐ Operation Hidden Treasure Initiative by IRS to Uncover Unreported Crypto Profits: Report. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
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.