The IRS will use the funding from the Inflation Reduction Act (IRA), a federal law aimed at curbing inflation, to build compliance in emerging areas, which includes digital assets as a top priority.
The United States Internal Revenue Service (IRS) has appointed two new crypto tax experts from the private sector to focus on digital assets.
The official tax filing season in the U.S. commenced on Jan. 29, after which the IRS repeatedly issued notices urging citizens to report all cryptocurrency and digital asset income, including nonfungible tokens (NFTs). As shown below, crypto received in the form of rewards or via staking, among other areas, must be reported.
The two new IRS recruits, Sulolit Mukherjee and Seth Wilks, have been hired as executive advisers to the department, according to the IRS. It added:
