The Internal Revenue Service (IRS) has hunted down those who attempt to hide assets in foreign accounts for decades. In 2010, members of Congress and President Barack Obama gave the agency one of its strongest tools against this form of tax evasion: the Foreign Accounts Tax Compliance Act (FATCA).
The Internal Revenue Service (IRS) has a toolbox full of tools it can use against taxpayers who fail to pay their tax obligations. One tool it recently threatened to wield against taxpayers with significant debt: the ability to revoke the taxpayer’s passport.
Bitcoin has jumped in value in recent months. The digital currency reported a jump in value three times that of the reported numbers in 2018, a “record-breaking” second quarter. With this in mind, it may not come as a surprise that the Internal Revenue Service (IRS) just announced it is sending out letters to over 10,000 taxpayers suspected of failing to report digital assets like Bitcoin.