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The U.S. Internal Revenue Service (IRS) has just launched a new program that specifically targets crypto investors. Called “Operation Hidden Treasure,” the team consists of experts trained in tracking unreported cryptocurrency-related income.
IRS Director of the Office of Fraud Enforcement Damon Rowe announced on March 5 that his office has created a team of IRS Criminal Investigation professionals who will work on “Operation Hidden Treasure,” Forbes reported. The main objective of the operation, which is a partnership between the criminal investigation unit and the civil office of fraud enforcement, is to “root out tax evasion from cryptocurrency owners.”
To achieve its goal, team members of Operation Hidden Treasure are agents specifically trained in tracking cryptocurrency transactions. To get ahead of the game, the team will work on identifying and investigating various “tax evasion signatures,” according to Carolyn Schenck, the National Fraud Counsel and Assistance Division Counsel for the IRS’ Office of Chief Counsel.
Schenck explained that these “tax evasion signatures” may include “structuring,” which is divide transactions in increments of less than $10,000 so they won’t trigger reporting requirements. The team will also be on the lookout for the use of nominees, shell companies, and “getting on and off the chain.”
The IRS has partnered with sophisticated vendors to help the agency identify and investigate these signatures. Through its specially trained agents and the vendors, the IRS is “exploring analyzing blockchain and de-anonymizing [crypto] transactions” giving the agency the capability of tracking, locating, and seizing crypto in “both a civil and a criminal setting.”
According to Coindesk, the IRS has been sending conflicting messages to U.S. crypto investors in the past. For instance, it recently updated a FAQ page that stated investors who bought “virtual currency with real currency” do not need to report that transaction on their tax returns.
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