A new analytics firm scores a major contract with the U.S. tax agency, which has been upping its crypto engagement left and right.
On Sept. 8, the IRS’s criminal investigation department signed a $249,900 contract with a blockchain analytics firm to expand its crypto tracing tools.
The contract provides limited information, but it follows an overarching trend of the IRS stepping up its game when it comes to crypto.
The firm behind the contract, Blockchain Analytics and Tax Software, is a relative unknown compared to familiar faces in analytics like Chainalysis. The firm’s only prior government contract was for only $9,800 with the U.S. Treasury for serving as an expert witness.
Just last week the IRS put out a request for submissions for a pilot program to track cryptocurrency transactions. A staff member at the IRS confirmed to Cointelegraph that this new contract is not a response to that request.
Blockchain Analytics and Tax Software had not responded to Cointelegraph’s request for comment as of press time.
IRS investigative capabilities played a major role in a massive seizure of crypto bound for terrorist networks last month.
Meanwhile, for more civilian purposes, this year’s tax forms in the U.S. will put the question of whether a taxpayer used crypto in 2020 front and center.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.