IRS Sees Crypto Seizures Figuring Billions of Dollars in 2022

What Do You Know About IRS?

IRS is the Internal Revenue Service of the federal government of the United States. IRS is responsible for the monitoring of taxes and governs the Internal Revenue Code. IRS is an integral element of the Department of the Treasury and is controlled by the Commissioner of Internal Revenue.

The prime responsibilities of the IRS involve giving tax assistance to taxpayers, chasing and settling cases of inaccurate or deceptive tax filings, and supervising various benefits programs, involving the Affordable Care Act.

Additionally, IRS commences from the Commissioner of Internal Revenue, a federal office created in 1862 to evaluate the nation’s first income tax to fund the American Civil War

Since its formation, the IRS has been accountable for collecting most of the revenue needed to fund the federal government, even while facing recurring disagreements and opposition upon its processes, constitutionality, and the taxation principle.

In current years the organization has wrestled with budget reductions and diminished optimism. By the start of 2018, IRS saw a fifteen percent decline in its labor force, including a fall of more than twenty-five percent of its executive staff.

However, during the 2017 fiscal year, the organization administered more than two hundred and forty-five million tax returns. 

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About the Crypto Seizures Totalling Billions of Dollars

Yesterday i.e., on Thursday, November 18, 2021, the IRS report was announced as per which, during the fiscal year of 2021, the US Internal Revenue Service seized 3.5 billion dollars worth of cryptocurrencies.

It reported that ninety-three percent of all resources were seized by the tax administration that year. Many people from various corporations claim that today, the Internal Revenue Service could confiscate cryptocurrencies worth billions of dollars related to tax avoidance and other crimes. 

IRS

During a telephonic call with several reporters, the Head of a criminal investigation of IRS, Jim Lee stated that: “We expect the trend of cryptocurrency seizures to continue as we move into fiscal year 22. As we move forward, we see cryptocurrencies involved in many crimes.” 

In the previous year, the IRS criminal unit captured billions of dollars worth of Bitcoin and other cryptocurrencies, involving stolen billion dollars of Bitcoins from the online Bitcoin exchange Silk Road, which was then closed in 2013.

The IRS criminal unit also indicted the previous Microsoft Corporation because there was a software developer in the company who used cryptocurrencies to hide the ten million dollars he spent from the company without bringing this matter into the company’s knowledge. 

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Lately, Congress gave the IRS more power to monitor cryptocurrency transactions in infrastructure packages that signed the law on Monday. The law demands crypto brokers to track transactions and report them to the IRS to give tax authorities more clarity regarding the crypto transactions.

Furthermore, the organization could also profit from the additional eighty billion dollars that the Democrats are proposing in Biden’s Build Back Better plan, which could get a vote in the House of Representatives soon on Thursday.

Jim Lee further mentioned in this regards that: “My troops desperately needed money to hire more than two hundred and fifty to three hundred special agents and spend in a system to detect and hunt down cybercrime. 

Therefore, to “clean” the corruption, scam, and black money sources from cryptocurrencies, the IRS is taking the appropriate measures. The US federal government and parliament should support the IRS in this matter and provide them with all the required resources to accomplish this incredible goal.

It is so true that now our systems, corporations, sectors, and organizations are needed to become “corruption free” because local people have been tolerating this injustice and unfairness for a long time, thus it’s high time now and strict actions must be taken compulsorily. 

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