The Internal Revenue Service (IRS) of the United States is reportedly deciding whether to require major technology firms to report on its users’ cryptocurrency activity. The move was said to be discussed in a recent IRS presentation and was allegedly shared by a Twitter user.
Subpoenas to Microsoft, Apple and Google
Based on the documents for the presentation, the IRS was said to be hoping to utilize Grand Jury subpoenas on companies like Microsoft, Apple, and Google and compel them to check the download history of taxpayers and search for crypto-based applications.
It also indicated that the IRS is thinking of reviewing social media platforms like Twitter and Facebook to look for and record crypto addresses that are publically available.
Laura Walter, a CPA and cryptocurrency tax specialist, tweeted the IRS presentation, which is said before agents working in the Criminal Investigation unit of the IRS.
Laura Walter on the Issue
Walter, who also goes by the moniker Crypto Tax Girl, claimed that the IRS is conducting thorough research in the detection of tax evasion cases that involved cryptocurrency. This has led to the tax authority considering using everything in their arsenal and more, like utilizing social media and open-source searches and electronic surveillance.
Walter also said that based on the presentation, the IRS is taking steps so taxpayers don’t receive any notification about the information gathered about their cryptocurrency use. This is to ensure that there won’t be anything detrimental to the agents’ investigations.
The tax specialist concluded by saying the main takeaway from the presentation was that the IRS is working very hard to identify the criminal tax cases that involved cryptocurrency.
The IRS hasn’t confirmed the presentation’s origins or its authenticity.