Forbes has published an article, “IRS Is Catching Crypto Tax Cheats Via John Doe Summons,” which discusses potential preparation that should be aware of for taxpayers who have not properly filed their crypto taxes during the years under investigation (2016-2020). The article begins as follows:
The IRS is actively hunting for crypto tax cheats by demanding cryptocurrency exchanges release user information through “John Doe” summons. Once John Doe summons are issued, exchanges are legally required to release requested user information to the IRS. On March 30, 2021 a John Doe summons was issued to Kraken. On April 1, 2021, another John Doe summons was issued to Circle (owner of the cryptocurrency exchange Poloniex).
To view the full article, click here: “IRS Is Catching Crypto Tax Cheats Via John Doe Summons”
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.