![]() If the IRS has reason to believe that you’ve committed tax fraud, there’s no limit to how far back they can audit you. ![]() What happens if you don’t report cryptocurrency on your taxes? But first, let’s break down what can happen if you decide not to report your cryptocurrency. In this guide, we’ll break down a simple step-by-step process for submitting a crypto tax amendment. If you haven’t reported your cryptocurrency on past tax returns, you still have time to submit a tax amendment and reduce your risk of an audit. Increased crypto tax enforcement may present a problem for some investors, especially those who have been unaware that their cryptocurrency transactions carried a tax reporting requirement. Recently, the agency issued a John Doe Summons to Kraken, asking the exchange to identify taxpayers who reached a certain threshold of cryptocurrency activity. ![]() It’s clear that the IRS is cracking down on crypto tax evasion.
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