As the IRS bolsters its cryptocurrency expertise, tax professionals are bracing for increased scrutiny of digital currency.
The IRS announced it hired two former crypto executives to beef up its digital currency service, reporting, compliance and enforcement programs.
"Everybody's been waiting for the tidal wave of this enforcement activity," said James Creech, an attorney and senior manager at accounting firm Baker Tilly.
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These actions will trigger a "significant amount" of crypto enforcement, said Hylton, who is a former IRS commissioner for the agency's small business and self-employed division.
Persons:
Everybody's, James Creech, Baker Tilly, Eric Hylton, John Doe, Hylton
Organizations:
IRS, Finance, Alliantgroup