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How the IRS Will Enforce Collection on Crypto Assets in 2021

Official IRS treatment of cryptocurrency assets has changed dramatically over the years. The agency first cracked down in 2019. This intensified in 2020, with new traps set to catch alleged crypto tax cheats. Further enforcement is expected in 2021, especially as the IRS addresses concerns over the widening tax gap, which some believe is partially […]

Are Crypto Investors at a Higher Risk of Being Audited By the IRS?

Every taxpayer faces some element of risk when filing returns, but that risk is decidedly elevated for certain types of people. Traditionally, business owners and freelancers have suffered the most audits. More recently, however, this unfortunate group has expanded to include crypto investors, who once successfully flew past the IRS’s radar. Keep reading to get […]

Dealing With a Crypto IRS Issue? Why You Want an Enrolled Agent Who Understands the Technology

The IRS is beginning to crack down on cryptocurrency users. There’s no need to panic just yet, but it would also be unwise to turn a blind eye to today’s increasingly urgent crypto taxation concerns. Whether you’re currently dealing with IRS drama or are simply looking to take a proactive approach to your tax situation, […]

What Is IR-2018-71? What Does It Mean If You Own Crypto?

Many cryptocurrency enthusiasts remain entirely unaware of their tax obligation on virtual currency transactions — but that’s about to change. In recent years, the IRS has made a clear effort to alert taxpayers with crypto investments. This effort was once again apparent with the release of IR-2018-71, which reminds taxpayers of their need to keep […]

How Does the IRS Access Your Crypto Trading History?

A reckoning is coming for cryptocurrency enthusiasts, who, in the past, enjoyed broad discretion as they completed (or failed to complete) their tax returns. While crypto has technically always counted as taxable property or income, the IRS has only recently ramped up its efforts to hold traders accountable. The latest initiatives involve the pursuit of […]

Lessons Learned From Coinbase’s IRS Drama

Crypto enthusiasts are on alert — once-reliable exchanges can no longer be counted on to keep users’ information safe. To be fair, this is not entirely the fault of the exchanges themselves; when the IRS comes knocking, they must respond. Such was the case when the IRS approached Coinbase in hopes of securing information from […]

How Do You Pay Taxes on Bitcoin And Cryptocurrency? What Happens If You Don’t?

New technologies deliver an array of exciting opportunities, but they can also come accompanied by significant challenges — including, more often than not, tax issues. This is certainly true of the cryptocurrency market, which has seen its fair share of tax drama in recent years. The sooner you get a handle on crypto taxes, the […]

The Latest IRS Guidance on Cryptocurrency Taxes: How Will It Impact the Crypto Community?

Death and taxes may technically be the only constants in life, but even taxes can see numerous changes in a short period of time. Such has proven the case with cryptocurrency taxes, which bring new complications to an already confusing process. Previously, crypto miners and traders were forced to muddle through the process in hopes […]

Avoiding an IRS Audit When You Have Crypto Investments

Change is afoot in the crypto world. While virtual currencies have long been regarded as taxable, their use was not heavily monitored by the IRS until recently. Now, however, the IRS is beginning to crack down on tax evaders who rely on virtual currency. As a crypto trader, however, you’re not doomed to audits or […]

What Happens If Coinbase Gives Your Information to the IRS?

If you think your information is safe when you hand it over to crypto exchanges, think again; top exchange provider Coinbase was recently forced to turn over personal information for over 13,000 users. If the IRS had its way, however, this handover would have spanned the entire Coinbase platform. If you were spared, you can […]