Individuals who own virtual currency should consult with a tax professional to determine if their virtual currency is subject to a reporting requirement. On December 31, 2020, the Financial Crimes Enforcement Network...more
Taxpayers who own virtual currency should be prepared to respond to IRS inquiries regarding their virtual currency holdings and, if necessary, substantiate their reporting of these investments on their federal tax returns....more
A separate voluntary disclosure program to assist a significant number of taxpayers who have failed to report income resulting from transactions involving virtual currency will likely not be available according to a recent...more
The IRS recently announced new audit priorities that include an emphasis on virtual currency transactions. Individuals who have concerns about the virtual currency transactions reported on their prior tax returns should seek...more