Reported about 8 hours ago
Since 2017, the IRS has increasingly expanded its monitoring of cryptocurrency transactions, evolving from focusing on individual traders to issuing broad requests for user data from major exchanges. Using sophisticated analytics and legal tools, the agency has been able to trace transactions in real-time and has implemented measures like John Doe summonses, targeting users who exceed certain transaction thresholds. This heightened scrutiny has led to substantial asset seizures and a shift in tax enforcement strategy, compelling crypto firms to enhance compliance measures amidst concerns about potential penalties for non-compliance.
Source: YAHOO