It intensifies the scrutiny of Binance by the CFTC, which is already reportedly reviewing it for derivatives trading, and adds to IRS and DOJ probes.

Rich Americans know the government likely won't catch their antics, Treasury said. Beefing up IRS enforcement could bring in $1.6 trillion in unpaid taxes.

"I am very skeptical that there's a lot of easy money to be had from so-called tax enforcement," Republican Sen. Pat Toomey told Insider.

Sen. Angus King told Insider "there's a lot of money we're leaving on the table." The IRS told Congress $1 trillion or more is uncollected annually.

"To the surprise of nobody I know, the rich and powerful aren't paying their fair share, what else is new?" Sen. Bernie Sanders said.

The Treasury Department released new proposals to strengthen IRS enforcement, including doubling staffers to help combat tax evasion.

Biden wants to invest about $80 billion in the IRS after a decade of budget cuts and declining audits. He's targeting the wealthiest Americans.

John McAfee is being indicted on federal charges, this time for "the fraudulent promotion to investors of cryptocurrencies," the DOJ said.

Billionaire Robert Smith will pay $US140 million to settle a four-year tax investigation, Bloomberg reported Wednesday. The CEO of private equity firm Vista Equity Partners will admit misconduct, but will not be prosecuted, sources told Bloomberg. The settlement amount, which is expected to be made public as early as Thursday, […]

Cybersecurity executive John McAfee faces federal charges of tax evasion, the Justice Department announced. The indictment, which was filed in June of this year, was unsealed Monday and alleges that McAfee evaded filing his tax returns from 2014 to 2018. “If convicted, McAfee faces a maximum sentence of five years […]

FinCEN investigation released on Sunday showed several banks were involved in moving more than $US2 trillion worth in suspicious funds. The banks that had the highest reported amounts of suspicious activity: JPMorgan,Standard Chartered, Barclays,Deutsche Bank and BNY Mellon. Deutsche Bank accounted for the most transactions with $US1.3 trillion passed between […]

Israeli supermodel Bar Refaeli was sentenced to 9 months community service, while her mother was handed a 16-month prison sentence for tax evasion. Refaeli pleaded guilty to tax evasion under a plea bargain, per Reuters. Authorities accused Refaeli and her mother of evading taxes on income of around $US7.2 million. […]

Jared Kushner, President Donald Trump’s son-in-law, paid little to no federal income taxes from 2009 to 2016, according to a report from The New York Times. Filings by the Kushner Companies reviewed by The Times show massive losses listed as depreciation, a real estate tax law allowance that allows for […]

Prominent Chinese actress Fan Bingbing disappeared for three months amid tax evasion allegations, and broke her silence earlier this week to confess and apologise. Roderic Wye, a former British diplomat in Beijing, said Fan’s humbling was a powerful warning from China that “nobody can escape government scrutiny.” He added that […]

Mike “The Situation” Sorrentino was sentenced to eight months in prison on Friday. The “Jersey Shore” reality star pleaded guilty to several charges in January related to tax evasion. His castmates were in the Newark, New Jersey court room as the decision was read. With many of his “Jersey Shore” […]

The South China Morning Post reported that Chinese authorities detained the actress Fan Bingbing in what one source described as a luxury “holiday resort” while they investigated allegations of tax evasion against her. Fan disappeared from the public eye for three months. She spoke for the first time since July […]

Chinese actress Fan Bingbing broke her silence after disappearing for three months after being accused of tax evasion. She issued a groveling apology on social media on Wednesday admitting to signing secret contracts to avoid taxes. She said: “Without the Party and country’s good policies, without the love of the […]