US Representative Matt Gaetz Introduces Bill to Allow Federal Tax Payments in Bitcoin

IRS Recruits Two Professions to Support Tax Compliance in Crypto Industry

An official announcement from the US Internal Revenue Service (IRS) demonstrated that the agency will recruit new talents. The tax regulator recruited Sulolit “Raj” Mukherjee, JD, and Seth Wilks as the policy advisers for digital assets.

The newly appointed executive will leverage their vast expertise on policy to support the IRS in supervising crypto activities.

IRS Taps Two Tax Officials

In a February 27 press release, the IRS confirmed that Mukherjee and Wilks will advise the agency to enact enforcement action on digital assets. Additionally, the IRS added that the recruits will support the agency in improving the reporting and compliance of crypto-related activities.

A review of Mukherjee’s career profile demonstrated that the executive has been working in a private institution as the head of tax at ConsenSys, where he spearheaded the implementation of tax policies.

Also, Mukherjee led the ConsenSys team in developing compliance measures and international tax policies. The executive has supported the Consensys team in sealing numerous merger and acquisition deals.

Before joining the Consensys team, Mukherjee worked as the head of tax at Binance US. His career profile indicated that Mukherjee worked at Coinbase as the head of tax information.

Apart from this, Mukherjee was among the top-level management of the Blockchain Association Tax Working Group. Also, report indicates that Mukherjee worked at HSBC as the vice president of tax.

IRS Expands its Workforce

At the preliminary recruitment process, the IRS noted that Mukherjee has over ten years of experience in tax, compliance, and reporting. In his previous role, Mukherjee advised financial institutions on tax and compliance matters.

Before ascending to the top executive role, Mukherjee was a pivotal contributor to the Wall Street financial markets. He worked at JP Morgan as head of tax compliance and guided the wealth management division in attaining their objectives compliantly.

On the other hand, the IRS reviewed Wilks’ career to assess his area of professionalism. The tax regulators noted that Wilks has been working as a consultant on digital tax policy.

Wilks has extensive expertise in tax compliance and planning issues, guiding multinational companies and manufacturing firms to meet global regulatory requirements.

Also, Wilks’ career history demonstrated that the official is proficient in manufacturing and supply chains. In his early career, Wilks assisted companies in transfer pricing and cross-border transactions.

US Tax Regulators Seek to Enact New Rules

In line of duty, the IRS noted that Wilks and Mukherjee once worked together at Utah-based tax and accounting firm TaxBit. Based on their exeprtise the new recruits will act as executive advisors, leading the IRS to build their services to global standards.

A statement from the deputy commissioner of service and enforcement at the IRS, Doug O’Donnell, stated that the recruitment of Wilks and Mukherjee marked a significant milestone for the agency in gaining insight into the operation of the crypto industry.

The commissioner believes that the new hire will assist the IRS in developing its system for crypto tax reporting and other transactions. Mr O’Donnell underlined the importance of expanding the IRS workforce to cope with advanced technology.

He explained the increasing IRS headcount was a top priority for the agency to access advanced tools. In a subsequent report, IRS commissioner Danny Werfel argued that the dynamism in the crypto sector has impacted significant tax administration implications. This forced the IRS to draft and enact the rights for taxpayers in the United States.

Commenting on the new hires, Werfel was delighted to state that poaching experts from the private sector will play a critical role in supporting the agency in regulating crypto assets.

For years, the IRS has sought to leverage emerging technology to enact tax policies. Guided by the IRS’s core objective, the agency has worked closely with key industry players to uphold compliance among taxpayers.

Besides the collaboration with various industry players, the IRS remain at the forefront in  supporting the growth of the crypto ecosystem.

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