Senator Elizabeth Warren has written to Intuit, the company behind TurboTax, accusing them of selling programs that “scam American taxpayers into paying for services that should be free.”
Senator Warren wrote to Sasan K. Goodarzi, the company’s CEO, alleging that the company’s “ongoing trend of recruiting former regulators to defend TurboTax products” is a scam.
She also cited a complaint filed with the Federal Trade Commission (FTC) alleging that the company was deceptively advertising phony tax-free preparation services. Jon Leibowitz, a former FTC Commissioner, has previously worked as outside counsel for Intuit.
Warren raises concerns about former government personnel being appointed to positions in his administration
Senator Warren responded by raising concerns about how Intuit has utilized former government officials to “defend and preserve its unethical and potentially criminal actions that have cost American taxpayers billions of dollars.”
Senator Warren’s position on bitcoin and the cryptocurrency industry has recently been in the headlines. Senator Ted Cruz chastised Warren, as well as Canadian Prime Minister Justin Trudeau and China, for their opposition to bitcoin.
Senator Cruz expressed his support for bitcoin and cryptocurrency and attacked attempts to regulate the market.
As market use develops and crypto becomes mainstream, governments are increasingly focused on guaranteeing tax compliance. Cryptocurrency is heavily taxed in some countries, such as India.
IRS starts targeting crypto investors
This time around, the IRS in the United States is paying more attention to cryptocurrencies and non-traditional financial instruments (NFTs). Individuals must now record the acquisition and sale of assets on their tax forms.
Retail investors can now participate in cryptocurrency trading thanks to the spread of apps like Robinhood. As a result, both the value and number of investments are increasing, and these investors are less familiar with the prospective tax liabilities.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews