A new report from The Treasury Inspector General for Tax Administration (TIGTA) expresses concern about the IRS’s ability to review and investigate digital asset transactions. The IRS recently released final digital asset regulations (in accordance with the Infrastructure and Jobs Act). TIGTA praises the tax agency’s increase in criminal enforcement using data analytic tools. However, it remains worried that the IRS doesn’t have an adequate “line of site” on amounts taxpayers report. Among TIGTA’s recommendations is that the IRS make a compliance plan with data from the new Form 1099-DA. The IRS largely agrees with this recommendation. Read the report: https://bit.ly/4f6Jnxu
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