The IRS knows it has a problem, in that it knows there are far more cryptocurrency transactions than are being reported on tax returns. The IRS may also get an $80 billion increase in funding for enforcement that will help...more
8/12/2022
/ Bitcoin ,
Brokers ,
Cryptocurrency ,
Currency Exchange ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Services Industry ,
Investment ,
Investors ,
IRS ,
John Doe Investigation ,
Summons ,
Tax Avoidance
The IRS has several tools in its arsenal to encourage compliance and audit and enforce those it believes are failing to comply. One of the most powerful tools is the John Doe summons. A regular IRS summons seeks information...more
5/6/2021
/ Bitcoin ,
Capital Gains ,
Coinbase ,
Crypto Exchanges ,
Cryptocurrency ,
Income Taxes ,
Investors ,
IRS ,
John Doe Investigation ,
Reporting Requirements ,
Virtual Currency
Cryptocurrency is more accessible than ever before. Banks are continuing to both implement procedures for and, in some cases, develop their own cryptocurrencies. Paypal allows users in the U.S. to buy, sell and hold select...more
1/29/2021
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency ,
Voluntary Disclosure