UK:
Internal Revenue Service To Begin Enforcing Crypto Withholding Rule
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At the American Bar Association Section of Taxation Conference
held on May 12, 2018, the IRS' plan to begin strictly enforcing
the requirement to withhold taxes for cryptocurrency payments to
nonresident aliens this year was discussed. Although this
requirement to withhold 30 percent of payments to nonresident
aliens is already set out under IRC Section 1441, the IRS is only
recently determined to enforce the requirement this year given the
emerging rise of the use of cryptocurrencies. The U.S. Department
of Justice is also said to develop a larger ecosystem to support
the prosecution of matters related to the use of cryptocurrencies,
as the Justice Department gains substantial institutional knowledge
by pursuing crypto-related crimes in matters in recent years,
including the Silk-Road money-laundering case. For more
information, see https://www.law360.com/articles/1042247/irs-to-start-enforcing-crypto-withholding-rule-panelist-says.
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