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IPFS News Link • Bitcoin

IRS Is 'Raising the Stakes' on Crypto With Operation Hidden Treasure: Experts

• Decrypt

In brief

-The IRS has a new initiative for seeking out unreported crypto.

-It's called Operation Hidden Treasure.

-Here's what it means for tax season.

The IRS is launching a new anti-tax fraud initiative called Operation Hidden Treasure, Forbes reports. A joint effort from the IRS' Fraud Enforcement Office and its Criminal Division, the task force will dig up unreported crypto transactions and hold would-be tax evaders accountable.

Roger Brown, head of tax and regulatory affairs at the crypto data company Lukka, told Decrypt that Operation Hidden Treasure is the IRS' way of "raising the stakes" when it comes to enforcement.

Since the effort is being jointly handled with the criminal division, said Brown, it's going to be looking specifically at intentional concealment, rather the kinds of underreporting that might be categorized as civil tax fraud.