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The BNA Daily Tax Reports related on February 26 that the U.S. Treasury Department has formed a task force to study the potential use of the Internet to cheat on taxes. Although the Internet is not currently believed to be carrying a high volume of financial transactions and most current Internet financial transactions involve credit cards with traceable identities, transactions in cyberspace are evolving and need not involve any documentation or government reporting.
Several firms are working to make the Internet more useful for commerce and some are exploring the creation of forms of cyber-money. It's no wonder the U.S. Treasury is concerned. One treasury official described the establishment of tollbooths on the Internet to gather the information necessary for the Treasury Department to assure cyber-transactions are in tax compliance. Also, the criminal enforcement wing of the Treasury Department expressed concerns that, within a few years, the Internet would become useful for money
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