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Coin Circle (120BtC.CoM) News: The United States Internal Revenue Service (IRS) has been committed to strengthening the supervision and tax enforcement of digital asset transactions. Under proposed regulations released at the end of August, brokers handling digital asset transactions will be required to adopt new reporting forms to effectively combat tax evasion.

According to a statement from the IRS yesterday (4th), the number of tax evasion cases involving cryptocurrency is increasing sharply. Jim, Director of IRS Criminal Investigation Division
Lee revealed a change in this trend: Three years ago, the majority of cryptocurrency investigations we handled (more than 90%) were primarily about money laundering. However, over the past year, we have found that approximately half of digital asset investigation cases actually involve tax issues.

 **More than $37.1 billion tax and financial crimes investigation**

The Criminal Investigation Division of the Internal Revenue Service stated in its annual report released yesterday (4) that from October 1, 2022 to September 30 this year, it has investigated more than 2,676 cases, in which tax-related crimes were discovered. More than $37.1 billion related to financial crime. The department further noted that as the use of digital assets increases, so too do tax investigations related to them.

 **Investigation involves undeclared income, tax evasion**

The department further noted that tax investigations related to digital assets mainly involve undeclared income from:

  * Capital gains on cryptocurrency sales

  * Income from mining cryptocurrency

  * Income received in cryptocurrency, such as wages, rental income and gambling proceeds

The department also observed payment evasion violations, in which taxpayers deliberately failed to disclose that they owned cryptocurrency in an attempt to hide their assets.

 **Cryptoasset Taxation in the United States**

“Most people use cryptocurrencies for legitimate purposes, but digital assets carry risks of financing terrorism, ransomware attacks, and other illegal activities,” Jim Lee said in the report.

Perhaps because of this, the IRS has stepped up its pace and adopted more stringent enforcement measures against cryptocurrency-related tax violations.

It is understood that the IRS has had clear regulations on the tax treatment of virtual currencies since 2014. According to Notice 2014-21 issued by the IRS, all cryptoassets are treated as property, not currency, for federal income tax purposes. As a result, most crypto asset transactions are subject to capital gains tax.

In January 2023, the IRS determined federal income tax filing guidance for 2022, requiring taxpayers to report all income related to digital assets, including NFTs and stablecoins. The requirements are part of a crackdown on digital asset tax evaders.

Since it began to increase its efforts to investigate crimes involving cryptocurrency in 2015, the IRS has seized more than $10 billion in digital assets.