IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official ...
An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure & Administration, explained Wednesday that the agency can seize cryptocurrencies from taxpayers, Bloomberg reported. This clarification was made at a virtual conference hosted by the American Bar Association’s tax section. He referenced the IRS notice published back in 2014 which states that “For....
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In comments at a virtual conference, an IRS counsel indicated the agency would seize virtual currency like bitcoin to satisfy tax collection.
Argentinian Tax Authority, AFIP, has stated that they will be able to seize any assets owed by taxpayers in digital wallets if the tax debts are not settled. Last year, the organization recommended the law but did not execute it until early 2022 during the Covid-19 pandemic. Related Reading | Making Money in Bitcoin Markets? Don’t Forget About Crypto Taxes The organization now has a procedure for confiscating digital assets in these accounts. This addition will allow authorities access not only bank accounts and loans given out by third parties but also houses and cars owned by....
If you’re a cryptocurrency holder with past-due tax debts, your provable holdings may be confiscated by the IRS if you don’t pay back what you owe. The United States Internal Revenue Agency is prepared to seize the holdings of cryptocurrency owners who are struggling to pay their unpaid tax debts, sending a strong signal that the agency is treating digital assets the same as any other type of property that can be confiscated. Robert Wearing, deputy associate chief counsel for the IRS, told a virtual conference held by the American Bar Association that the government classifies digital....
Dutch authorities have seized more than 25 million euros in cryptocurrencies, including bitcoin and ether, from dozens of suspects in criminal cases. “Cryptocurrencies are widely used as a means of payment for various types of crime,” said the Netherlands’ Public Prosecution Service. Authorities in the Netherlands Seize More Than 25 Million Euros in Cryptocurrencies, Including Bitcoin and Ether The Netherlands’ Public Prosecution Service announced last week that it has seized more than 25 million euros ($28.6 million) in cryptocurrencies in recent months in....
The Argentinian Tax Agency, the AFIP, has ramped up the seizures of digital wallets of taxpayers in the country. The institution managed to seize more than 1,200 digital wallets of taxpayers that had debts and didn’t have a bank account, or other properties available to be collected by the courts. While the organization has yet to order crypto-related seizures, this could be possible in the future.
Argentinian Tax Agency Seizes More Than 1,200 Digital Wallets
Tax regulators around the world are becoming more and more aware of the different ways in which taxpayers can hide....