Seize and Desist podcast

S&D E16 - The Future of Tax Compliance in Cryptocurrency

Author
Lo Furneaux
Marketing - Associate

“If the decision-makers keep deciding that digital assets are just this fringe thing, there’s going to be a missed opportunity”


In this episode of Seize & Desist, our host, Aidan Larkin, explores tax compliance and enforcement in cryptocurrency with Miles Fuller, the director of government solutions at Taxbit, former senior counsel with the IRS Office of Chief Counsel and former Special Assistant United States Attorney.

Miles shares his background in tax litigation with the IRS and provides insights into how Taxbit helps to trace criminal assets by combining on-chain and off-chain data to gain a comprehensive view of an individual's tax obligations.

They also discuss the suitability of existing digital asset seizure legislation, the IRS’ use of John Doe summons to obtain information from exchanges and the delicate balance between ensuring privacy in cryptocurrency transactions and preventing tax evasion before examining and speculating on the future of tax-related asset seizures.

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Asset Reality has recently partnered with Taxbit to offer a comprehensive end-to-end solution for tracking, auditing, and reporting on seized asset portfolios throughout the forfeiture lifecycle. By combining our specialist capabilities and purpose-built tools with Taxbit’s powerful compliance platform, we can provide government and law enforcement agencies with more accurate and easily accessible reports and case documentation, ensuring they have the full suite of resources needed to effectively manage the virtual assets they have seized.

If you want to learn more about this partnership, you can visit our website: https://www.assetreality.com/ 

Timestamps

00:00 - Special Announcement - Asset Reality’s partnership with Taxbit

03:00 - Miles’ background with the IRS

07:00 - Investigative tools and data aggregation in asset seizures

10:30 - Tracing tools and address attribution in tax investigations

11:30 - Integrating complex financial data for tax calculations

13:00 - Streamlining financial investigations with crypto data tools

16:00 - Challenges of detecting fraud in the virtual asset space

21:00 - John Doe Summons for tax evasion investigations

26:00 - Balancing privacy and compliance in blockchain transactions

32:30 - Challenges of virtual asset seizures by governments

41:00 - The future of tax compliance in the digital asset era

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Resources Mentioned

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About our Guest

Miles Fuller is the Director of Government Solutions at Taxbit.

As a former senior counsel with the IRS Office of Chief Counsel and former Special Assistant United States Attorney, Miles has a wealth of experience in tax-related asset seizures, having represented the IRS before the United States Tax Court, and has deep expertise in virtual asset tax and compliance issues, including regulatory guidance and policy development. Miles is also skilled in advanced investigation techniques for digital assets and has played a pivotal role in developing strategies to navigate the complexities of digital currency regulations.

Disclaimer

Our podcasts are for informational purposes only. They are not intended to provide legal, tax, financial, and/or investment advice. Listeners must consult their own advisors before making decisions on the topics discussed.  

Asset Reality has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Asset Reality employees are those of the employees and do not necessarily reflect the views of the company. 

‍Asset Reality does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. 

Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Asset Reality. 

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