The IRS has taken a proactive stance toward crypto compliance and enforcement by recruiting two seasoned digital-asset executives, a strategic move that will strengthen the agency’s position in the digital asset market.
A former contributor at Binance’s US business and global head of tax at blockchain software startup ConsenSys, Sulolit “Raj” Mukherjee is now an advisor to the IRS. Seth Wilks, who was most recently the VP of government relations and success at the well-known crypto tax software company TaxBit, will be joining Mukherjee.
Bloomberg reports that the IRS has announced that both executives will be responsible for leading the agency’s efforts in crypto compliance and enforcement.
Coincidentally, with the ongoing spike in cryptocurrency values, the Internal Revenue Service is preparing to finalize laws that would require crypto brokers, such as exchanges, to provide the government with comprehensive details on their customers’ transactions.
The IRS’s team responsible for investigating financial crimes has been facing new hurdles because of the spike in cases connected to crypto tax evasion, thus, this step is part of their larger effort to address those issues.
Commissioner of Revenue Services Danny Werfel stressed the need of bringing in private sector knowledge, saying,
In order to construct the IRS’s initiatives related to digital assets in a manner that benefits all parties involved, it is essential to recruit private sector professionals to collaborate with the IRS team.
In contrast to the United States’ ongoing efforts to establish a system for taxing digital assets, the governing People Power Party in South Korea has suggested delaying the taxation of profits from cryptocurrency investments.
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