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IRS M.Y. Safra Bank Action May Signal Crypto Reporting Crackdown: Expert

The IRS continues to crack down on taxpayers who did not report their cryptocurrency transactions. So reports CNBC.

To that end, the U.S. agency took court action to compel M.Y. Safra Bank to hand over transaction data from SFOX, a cryptocurrency prime broker partnered with the bank. The action against the relatively small bank could be an indication more scrutiny of smaller operations is on the IRS docket.

Read the full article from CNBC.

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