(5) cryptocurrency IRS | LinkedIn: cryptocurrency IRS
Published on December 17, 2019
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More than 10,000 cryptocurrency investors face a decision as they open letters from the Internal Revenue Service informing them that they may owe taxes on their digital holdings.
Should they quickly file amended tax returns correcting prior omissions or mistakes and hope that’s enough to avert an audit? Should big-time dodgers come forward and acknowledge their actions -- all while risking that the IRS might audit them or charge them with criminal tax evasion?
What about investors who didn’t get a letter, but think they might have failed to report some cryptocurrency investments? Should they quickly sneak in an amended or delinquent return?
“For 90% of people it’s not worth the time or the effort to fight or hide from the IRS,” said Lance Wallach a tax expert. “Amend the returns, take the lumps, pay the tax and penalties and consider yourself lucky to have crypto gains instead of crypto losses.”
The warning letters, which the IRS started sending in late July, represent a new front in the agency’s attempts to curb tax evasion involving v
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