The US Internal Revenue Service begins auditing cryptocurrency assets for taxpayers

According to the Bloomberg Tax, the IRS official said that the IRS began auditing cryptocurrency assets for taxpayers. On June 20, at the Tax Dispute Forum hosted by the School of Professional Studies at New York University, Mary Beth Murphy, Commissioner for Small Business/Self-Owned Business (SB/SE) of the US Internal Revenue Service, said, “In our exam operations, we started to deal with these. Case.” She also said that SB/SE is coordinating with the agency’s Large Enterprise and International Department (LBI) to decide how to conduct audits related to cryptocurrencies, as these cases are increasing. IRS found some cryptocurrency tax cases using its document matching program, a tool that helps identify underreported or non-reporting taxpayers. Murphy said the agency is preparing to issue a notice to taxpayers who have already identified themselves. Murphy also said that SB/SE is working on the Bank Secrecy Act, which stems from information received by IRS in a subpoena to Coinbase Inc., one of the world's largest cryptocurrency exchanges. The bill requires US financial institutions to cooperate with the US government in cases of suspected money laundering and fraud. Murphy said the new tax guidance for cryptocurrency transactions should be released soon, echoing the statement by IRS Director Charles Rettig.