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Korean Tax Officers Track Down Crypto Belonging To 15K Tax Evaders

Korean tax officers tracked down crypto holdings that belonged to about 1,500 tax evaders and seized $22 million worth of it directly out of their exchange accounts as we can see more in our latest cryptocurrency news today. The South Korean Tax officers discovered digital assets belonging to 1566 users and heads of companies even those which were referred to as top tax delinquents across three crypto exchanges. The authorities seized $22 million in total from 676 of them in order to compensate unpaid taxes. About 118 people already paid $1.12 million in order to get their crypto back. A…

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South Korean City Threatens to Seize Cryptos From Tax Evaders

Crypto tax evasion is becoming a hot potato for the authorities in some Asian countries, such as Japan and South Korea. A South Korean city is now actively fighting against tax evaders who are suspiciously reporting meager earnings in their filings. 511 Individuals in the Authorities’ Eyes According to Gugkje News, the authorities of Gyeongju, in North Gyeongsang Province, are aware of several possible cases of crypto tax evasion where individuals are reportedly hiding money into cryptocurrencies without reporting them before the tax authorities. As the new “Specific Financial Information Act” rules enforced the monitoring of the crypto exchanges to…

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IRS Deals With Crypto Tax Evaders By Asking Simple Yes/No Questions

IRS deals with crypto tax evaders by simply asking them questions that can be answered with yes or no as we are about to find out in our latest cryptocurrency news. 2020’s federal income tax form 1040 was designed to ensure that all taxpayers have to answer a crypto-related question. Experts believe that the IRS deals with crypto tax evaders by asking them simple yes or no questions. Starting this year, the US Internal Revenue Service is increasing the priorities on cryptocurrency taxations. The personal federal income tax form 1040 will include a mandatory Yes/No question that is related to…

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