Saturday, June 15, 2019
Wall Street Journal, Tax Crime Enforcement Unit Relying More on Analytics to Spot Crime:
Regulators are also increasingly focused on unreported capital gains related to cryptocurrencies.
The top financial crime enforcement official at the Internal Revenue Service is placing a higher priority on data analytics in the investigation of potential wrongdoers.
Don Fort, the chief of the agency’s criminal investigations division, said his office is relying more on advanced data analytics to spot suspicious behavior. One area where the unit is using data is in investigating noncompliance with payroll tax laws, he said Tuesday during a discussion at The Wall Street Journal’s CFO Network Annual Meeting. ...
One of the emerging areas of focus in the criminal investigation office is unreported capital gains related to cryptocurrencies, Mr. Fort said. He pointed to the sale of bitcoins following a recent run-up in the price. The price has fallen roughly in half since it reached over $16,000 in December 2017, according to CoinDesk.