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IRS doubles down, investing another quarter million dollars into tracking crypto transactions

On Sept. 8, the IRS’s legal investigation division signed a $249,900 contract with a blockchain analytics agency to increase its crypto tracing instruments. 

The contract offers restricted data, however it follows an overarching development of the IRS stepping up its recreation in terms of crypto. 

The agency behind the contract, Blockchain Analytics and Tax Software program, is a relative unknown in comparison with acquainted faces in analytics like Chainalysis. The agency’s solely prior authorities contract was for less than $9,800 with the U.S. Treasury for serving as an skilled witness.

Simply final week the IRS put out a request for submissions for a pilot program to trace cryptocurrency transactions. A workers member on the IRS confirmed to Cointelegraph that this new contract is just not a response to that request.

Blockchain Analytics and Tax Software program had not responded to Cointelegraph’s request for remark as of press time.

IRS investigative capabilities performed a significant function in an enormous seizure of crypto certain for terrorist networks final month.

In the meantime, for extra civilian functions, this 12 months’s tax types within the U.S. will put the query of whether or not a taxpayer used crypto in 2020 entrance and heart.

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