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
Lawyers, tax or otherwise, understand that privileged information must be protected to encourage a full and frank dialogue that might not occur without confidentiality.1 Tax information, in particular, contains some of the...more
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