Tag: taxes

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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5 Takeaways From the New IRS Crypto Tax Guidance

The IRS released an update to its guidance on crypto taxation earlier this month, the first such update since the initial version in 2014. The new guidance is in the form of a Q/A released on the IRS’s website – it mainly clarifies the tax treatment of Hard Forks and Airdrops but also underlines the tax treatment of various other forms of crypto activity. This is one in a series …
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