“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.

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 in 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

Resources Mentioned

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.

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Ep. 16: The Future of Tax Compliance in Cryptocurrency