US tax agency IRS invests in more crypto tracking tools

A new analytics firm is set to help the US tax authorities track crypto transactions.

On September 8, the IRS Criminal Investigation Department signed a $ 249,900 contract with a blockchain analytics firm . This is about expanding their crypto tracking tools

Only limited information can be found in the contract. But the IRS is taking crypto more and more seriously.

The contractual partner Blockchain Analytics and Tax Software is relatively unknown compared to better-known analysis companies from the industry, such as Chainalysis. The company’s only other government contract is with the US Treasury Department. The company is serving as an expert and the scope was only $ 9,800.

Just last week, the Bitcoin Revolution launched a tender for a pilot program to track cryptocurrency transactions. An IRS agent confirmed to Cointelegraph that this new contract had nothing to do with this tender.

Cointelegraph asked Blockchain Analytics and Tax Software for a comment and had not responded by the editorial deadline

The IRS investigation has resulted in a sizeable seizure of crypto over the past month. This money should go to terrorist networks.

In the US, tax returns for this year are now also asking whether taxpayers used crypto in 2020.