Crypto

Law Firm Predicts More Lawsuits by the IRS Against Crypto Tax Evaders

The IRS is actively cracking down on cryptocurrency users in the United States. Klasing Associates, a US law firm, expects there to be even more prosecutions in this department. 

When law firms weigh in on these matters, something must be brewing behind the scenes.

Don’t Mess With the IRS

According to Klasing Associates, the IRS will continue to crack down on crypto users.

Especially those who try to evade taxes will find themselves in legal trouble sooner rather than later. 

If true, such a move by the IRS would not come as too big of a surprise.

The agency has sent out Form 1040 with additional crypto-related questions for recipients to answer.

Related Post

While most people will answer the questions honestly, some will try to game the system and risk it all.

Cracking down on those users filing bogus reports is a logical course of action.

Evading taxes is not what cryptocurrencies are designed for, or even useful for.

The transparent nature of public blockchains makes it impossible to avoid detection for long.

For the IRS, there is still a lot of work to do behind the scenes as well.

Finding a balance between enforcing regulation and taxpayer services will remain an ongoing challenge for the foreseeable future. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Decentraland Price Up 25%, Market Cap About to Surpass the #1 Metaverse Project

Decentraland price is up over 25% today, making it the biggest gainer on Crypto.com. With…

3 hours ago

3 Awesome Meme Coins You Probably Haven’t Heard Of

With the absurdly high amount of different meme coin projects on the market, it's hard…

4 hours ago

Why Decentraland Is the Best Metaverse Project on the Market

We've been covering a wide variety of metaverse coins the last couple days. There are…

7 hours ago

Ushering in a Brand New Ecology in Game: How Does HashLand Become a Vanguard to Guarantee Floor Value?

For some time in the past, Gamefi was criticized by many people as a lofty…

18 hours ago

Robinhood Shiba Inu Listing Not Happening This Year, Especially After the Recent Security Incident

With Robinhood's recent security incident that leaked over 5 million users' names and email addresses,…

19 hours ago

Loopring Price Down 10%, Is LRC a Good Investment for 2022?

There's no doubt that the cryptocurrency market has been experiencing a rough couple days. Loopring's…

20 hours ago

This website uses cookies.