Published On: Wed, Aug 23rd, 2017

IRS Hopes to Catch Bitcoin Tax Cheats With Blockchain Tracking Software

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The IRS is hoping to use the Reactor software by Chainalysis to track Bitcoin movement from wallet to wallet and then to exchanges in order to catch tax cheats.
For some peculiar reason, the Internal Revenue Service (IRS) for the United States thinks that people are using Bitcoin in order to cheat on their taxes. However, it must be said that a lot of people do cheat on their taxes every year.
The exact amount is unknown, but it’s estimated that over 1.6 million individuals cheat  every year when filing their taxes with the IRS.

The total dollar amount that is owed to the IRS by those cheating hit $458 billion last year. With such numbers, you can see why the IRS is looking pretty hard at Bitcoin, especially in light that cryptocurrency is decentralized. Now Uncle Sam believes that it has a powerful new software tool called “Reactor” that can help sniff out those using Bitcoin to evade paying taxes.
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