IRS

The US Treasury is using AI (a vehicle for fraud) to detect fraud
18 Oct

The US Treasury is using AI (a vehicle for fraud) to detect fraud

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AI has been used to defraud people through everything from calling voters to faking celebrity giveaways. Now, the US Treasury Department claims machine learning AI has played a critical part in its enhanced fraud detection processes over the past year — if a broken clock can be right twice a day, maybe AI can do something good one time?In a new release, the Treasury states it prevented and recovered "fraud and improper payments" worth over $4 billion over the last fiscal year (October 2023 to September 2024). This number represents a tremendous increase from the previous year, which reached just…
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US Treasury finalizes crypto rules to prevent tax evasion
29 Jun

US Treasury finalizes crypto rules to prevent tax evasion

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While people who own and sell cryptocurrency have always had to pay taxes on their earnings, a new rule finalized by the US Treasury Department can ensure that they're paying the proper amount on their sales. The new rule will require cryptocurrency platforms like exchanges and payment processors to report their users' transactions to the Internal Revenue Service. According to The Wall Street Journal, authorities are hoping that the measure can deter tax evasion, seeing as the IRS would know exactly how much a taxpayer owes.At the same time, the rule will make it much easier for people for declare…
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