Forbes has published an article, “IRS Crypto Tax Risks Expand With New Reporting,” which discusses potential risks and penalties of unreported cryptocurrency gains with the new $10k reporting threshold. The article beings as follows:
It is no secret that the IRS wants you to report your crypto gains. You can report crypto losses too, but the IRS cares less about that. The government still seems to think millions of transactions and dollars might still be unreported. You might think you won’t be caught, but the risks are growing. The best way to avoid penalties or worse is to disclose and report as accurately as you can. Remember those IRS letters to 10,000 crypto taxpayers? And how about all the IRS summonses to Coinbase, Kraken and others? The hunt is still on. The crypto tax question on IRS Form 1040 should tell you something. The Department of Justice’s Tax Division successfully argued that the mere failure to check a box related to foreign bank account reporting is per se willfulness.
Click here to see full article: “IRS Crypto Tax Risks Expand With New Reporting”
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal