The J5 is using military and intelligence terminology to talk about its enforcement response.
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The IRS’s Swiss Bank enforcement efforts may be winding down, but not its push for global tax compliance. Over the past decade, the IRS has brought in over $10 billion by “encouraging” U.S. taxpayers with undisclosed foreign bank accounts to, well, disclose those accounts. Although the program will end this September, the IRS is now gearing up to focus on cryptocurrency as the next big compliance push.
The recently formed J5 may provide a preview of what’s to come. The J5 stands for an alliance of Joint Chiefs of Global Tax Enforcement from the United States, U.K., Canada, Australia, and the Netherlands who have come together to work on information sharing, with cryptocurrency high on the agenda.
In its mission statement, the J5 notes that they will work with other countries where appropriate. So much for the U.S. bucking multilateralism! When it comes to tax enforcement, it appears that the U.S. remains eager to work with foreign governments to improve its detection and enforcement capabilities.
Simon York, who is director of Fraud Investigation Service at HMRC in the U.K., said that cyber criminals have evolved, and what’s “changed is them using virtual currencies and the dark web.” In response the J5 promises to:
Enhance existing investigation and intelligence programs. Identify significant targets for new investigations. Improve the tactical intelligence threat picture now and into the future. Lead the wider community in developing its strategic understanding of the methods, weaknesses