tl;dr
The IRS has brought in two experienced digital-asset executives, Sulolit “Raj” Mukherjee and Seth Wilks, to bolster its efforts in crypto compliance and enforcement. As the agency prepares to implement regulations requiring crypto brokers to provide detailed client transaction data, the move reflect...
The IRS has brought in two experienced digital-asset executives, Sulolit “Raj” Mukherjee and Seth Wilks, to bolster its efforts in crypto compliance and enforcement. As the agency prepares to implement regulations requiring crypto brokers to provide detailed client transaction data, the move reflects a proactive approach to address the surge in cases related to crypto tax evasion. IRS Commissioner Danny Werfel stressed the importance of incorporating private-sector expertise, emphasizing the need to build the agency’s digital asset efforts in a way that benefits all stakeholders. Meanwhile, South Korea’s People Power Party has proposed postponing taxation on crypto investment gains.
In a strategic move to enhance its presence in the digital asset sector, the Internal Revenue Service (IRS) has enlisted the expertise of two seasoned digital-asset executives, signaling a proactive approach toward crypto compliance and enforcement. Sulolit “Raj” Mukherjee, former global head of tax at blockchain software company ConsenSys and a previous contributor at Binance’s US unit, has been appointed as an adviser to the IRS. Joining Mukherjee is Seth Wilks, the recent vice president of government relations and success at TaxBit, a prominent crypto tax software firm. Both executives are set to play pivotal roles in steering the agency’s efforts in crypto compliance and enforcement, according to a report from Bloomberg, citing a statement released by the IRS. While the prices of cryptocurrencies continue to surge, the IRS is gearing up to implement final regulations that will mandate crypto brokers, including exchanges, to furnish detailed information on their clients’ transactions to the U.S. government.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.