The IRS has a dedicated Cyber Crimes Unit (CCU) that has been operating for a few years, and focuses on internet-based technologies that enable criminals to engage in illegal activities without a single physical location, and with a degree of pseudonymity.
According to the report, the bulk of the crimes that the CCU pursues almost always involve the use of cryptocurrencies to facilitate the criminal activity it fights which include: tax fraud, drug trafficking, money laundering, and wire fraud – comprising most of the $3.5 billion confiscated last year.
Key cyber-related successes featured in the enforcement report include:
To keep pace and prepare for that eventuality, the IRS CCU has announced its plans to launch an Advanced Collaboration & Data Center (ACDC) in the Northern Virginia area next year. The focus of that center will be to unify data, technology, and specialized personnel from across the Treasury and government to work on high-impact solutions to “…protect the integrity of the U.S. tax and financial systems.”
The agency leadership goes on to state in the report that it believes the integration of the Eastern CCU based in Washington, D.C. and IRS’s Cyber Support Unit will ensure that the soon-to-be-created ACDC will have a clear operational focus and create high-tech solutions to better solve digital crimes.
On The Flipside
Why You Should Care?
IRS crypto-enforcement officials may focus initially on criminal activities, but they will certainly turn their attention on everyday retail investors like us. Be sure to comply with all tax reporting and record-keeping requirements within your geography.
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Source: Cryptocurrency - investing.com
