What is the J5?
Formed in 2018, J5 stands for the Joint Chiefs of Global Tax Enforcement. It includes representatives from Australia, Canada, the Netherlands, the United Kingdom, and the United States.
The group’s mission: fight international cryptocurrency tax evasion and other crimes related to digital currencies. According to its dictate, the J5 plans to explore “60 lines of inquiry.”
Though the participating countries have always had friendly relationships and liaised on cross-border policing matters, the nations are now cooperating better than ever and sharing more information.
Who Needs to Worry About the J5?
J5 is focused on unearthing crypto tax evaders, money launderers, and attendant facilitators. Will Day, the deputy commissioner of the Australian Tax Authority, said:
“At no other time have criminals been at greater risk of being caught…In Australia, they are often intermediaries who are playing a role between the tax evader and an offshore entity.”
Day is likely referring to companies similar to the recently shuttered Bestmixer.io that pool participants’ crypto, making it harder to track.
Anybody who’s been using cryptocurrencies to evade taxes should come clean now. With the help of an attorney, you may not suffer penalties. If you fall into this category, get in touch with us today. We know how to handle these situations.
Connect with a Cryptocurrency Defense Lawyer
Do you need help clearing up a cryptocurrency tax matter? Do you need to report back gains? Alternatively, maybe you have offshore digital currency holdings that are subject to FBAR reporting? Whatever the case, our team of experienced cryptocurrency tax lawyers have seen it all. We know how to make sure you’re compliant while retaining as much wealth as possible.
Get in touch today. The initial consultation is on us.
