DIGITAL ASSETS: Watchdog Urges IRS to Ramp Up Enforcement Efforts Significantly by STEVEN TOSCHER and PHILIPP BEHRENDT


In the ever-evolving financial technology landscape, virtual currencies, now more broadly termed “digital assets,” have emerged as a significant challenge for tax administration. The Treasury Inspector General for Tax Administration (TIGTA) recently released a comprehensive report titled “Virtual Currency Tax Compliance Enforcement Can Be Improved” (Report Number: 2024-300-030, dated July 10, 2024). This report provides a critical examination of the Internal Revenue Service’s efforts to address tax compliance in the realm of digital assets. As tax professionals, it is incumbent upon us to thoroughly understand and analyze these findings to better serve our clients and navigate the complex intersection of tax law and emerging financial technologies.
For more information, please contact Steven Toscher at toscher@taxlitigator.com
For more information, please contact Philipp Behrendt at behrendt@taxlitigator.com