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Crypto warriors - beware!
#1 Tax, SDIRAs & Cost Segregation Contributor
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The IRS is catching up. Quote from the official announcement below: "Virtual currency is an ongoing focus area for IRS Criminal Investigation."
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#5 Tax, SDIRAs & Cost Segregation Contributor
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Those who had cryptocurrency transactions and included them on their returns have nothing to worry about.
The issue is that cryptocurrency is not considered a security currently in the eyes of the Treasury and Service. This means that 1099-Bs are not issued and transactions are not reported to the IRS. Because of this, and for a variety of reasons, some individuals have not included cryptocurrency transactions on their returns, even when they would have received a tax benefit from the transactions.
A good number of tax pros still don't ask their clients if they've engaged in cryptocurrency transactions during spring tax season. This also contributes...