IRS Staff Trained to Find Crypto Wallets
By Mark Lemon – Cryptocurrency Specialist
According to a slide presentation from an Internal Revenue Service (IRS) cyber training session, the IRS might consider subpoenaing several big tech firms such as Google, Apple, and Microsoft to look for undisclosed cryptocurrency holdings of taxpayers that buy Bitcoin or cryptocurrency.
The presentation, in great detail, shows various ways the IRS’s criminal investigators find those that are possibly avoiding tax on their cryptocurrency. Currently, the taxable event is when the user realises their profit or loss when selling crypto.
James Daniels, the IRS’s criminal investigation unit program manager for cybercrimes, stated the following:
“Issuance of a Grand Jury Subpoena should be considered for Apple, Google, and Microsoft for the Subject’s complete application download history.”
This shows the IRS’s resolution in cracking down on those failing to declare tax for buying and selling Bitcoin.
He also believes that each application’s function should be analysed to decide if they may conduct transactions in Bitcoin. This goes to say that apps should be checked to see if they are allowing peer-to-peer transactions or business-related crypto transactions. It is much harder for IRS to investigate any app peer-to-peer for buying crypto as no entity owns the platform.
Earlier this week, the deck was leaked online on Twitter by Laura Walter, a certified public accountant. The agency had later confirmed to CoinDesk that the slides in the leak were indeed legitimate.
Justin Cole, who is the IRS’s criminal investigation unit director of communication and education, said the materials in the slides were presented to the IRS staff at a World Bank event in Washington, DC, on June 5-7 for law enforcement partner audiences. It was provided again at this forum which lead to the information leaking.
Head on over to our platform to keep yourself informed on the latest news articles in the crypto space. Also check us out to buy Crypto UK and start trading through your trusted cryptocurrency broker.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards