The U.S. Internal Revenue Service (IRS) appears to be stepping up its enforcement capabilities with a new program dedicated to cryptocurrency tax compliance.
With “Operation Hidden Treasure,” the IRS will search for unreported crypto-related income, according to Director of the Office of Fraud Enforcement Damon Rowe.
Carolyn Schenck, national fraud counsel in the IRS Office of Chief Counsel, told conference-goers the agency is working with private contractors and vendors, presumably blockchain analytics firms, to develop “signatures,” or telltale signs of fraudulent activity.
“These transactions are not anonymous,” she said. “We see you.”