Tag: irs

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 …
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The IRS Asks Very Deep Questions Regarding Your Cryptocurrency Activities

Filing taxes related to cryptocurrencies in the US can be a very painstaking endeavor. It now appears that the IRS crypto tax audit letter being sent out to users is a lot more invasive than initially assumed.  It is no secret that the IRS wants to target cryptocurrency holders. The IRS Goes All-in on Cryptocurrency Usage To do so, the agency will ask some very tough questions. Some of those …
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How to Ensure Bitcoin Tax Compliance in 2020 and Beyond

2019 was the year when the term “cryptocurrency tax” became deeply embedded in token-holders’ lexicons. Sure, the idea that you’d have to pay tax on your bitcoin or other digital assets has been kicking around for years, but more column inches were devoted to the taxation of crypto last year than any preceding it.  Undoubtedly this stems from various national agencies releasing detailed guidance on how to treat your cryptocurrency …
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New IRS Form Confirms the Agency Remains Curious About Cryptocurrencies

American cryptocurrency holders are all too aware of what the IRS aims to achieve. In a new form sent to recipients, the agency is trying to dig deeper into people’s crypto past. It is pertinent for US cryptocurrency users to report their holdings, earnings, and losses to the IRS. The IRS is at it Once Again Those who decide not to be honest about their holdings will feel the consequences …
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