The IRS. Crypto. Two words that likely already make you break out in hives. What if I told you the agency tasked with collecting your taxes is mismanaging billions in seized cryptocurrency? I'm not talking about a small accounting error; we're talking about lost wallets, shredded recovery keys, and assets...
Okay, folks, let's be real. The recent TIGTA report detailing the IRS's utter clusterfumble with seized crypto isn't just embarrassing; it's infuriating. Missing wallets? Shredded seed phrases? Undervaluing Bitcoin because someone can't count decimals? Seriously? I'm not here to pile on the agency. Instead, let's talk about the silver lining....
The Treasury Inspector General for Tax Administration (TIGTA) specialize in them, just released their latest report. It underscores major shortcomings in the Internal Revenue Service Criminal Investigation (IRS-CI) unit’s management of seized digital assets. Making matters worse, the investigation uncovered serious inventory management, documentation, and valuation errors that further called...
Cryptocurrency overall is extremely volatile. Recently, new revelations about the IRS’s misuse of crypto assets it has seized have thrown a whole new wrench into the landscape. A recent TIGTA report has exposed significant mismanagement and misaccounting by the IRS in their oversight of seized digital assets. That fact alone...
