US Traders Beware: IRS Prepares Notices after Identifying Crypto Tax Evaders
By CCN Markets: U.S. citizens who have failed to report their income from crypto transactions or underreported such income now have every reason to worry.
According to Bloomberg, the Internal Revenue Service has identified a couple of taxpayers who underreported their earnings from crypto income or completely failed to report such earnings. Taxpayers who have been identified can now expect to receive notices in the near future.
Crypto users beware. IRS auditors are starting to look at your transactions. https://t.co/85P4uiBLQU
— Ally Versprille (@allyversprille) June 20, 2019
The tax body employed its document matching program – a tool used on a mass scale to detect unreported or underreported income – to identify these individuals.
IRS audits of crypto owners underway
Additionally, the IRS is starting to undertake audits of taxpayers who hold crypto assets. Per the IRS commissioner for the Small Business/Self-Employed Division, Mary Beth Murphy, the tax body’s exam teams are now focusing on cryptocurrency-owning taxpayers:
