Tagcrypto tax

US Traders Beware: IRS Prepares Notices after Identifying Crypto Tax Evaders

IRS, Crypto

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...

Bitcoin Tax Evaders Will Be Criminally Prosecuted, Warns IRS Agent

By CCN Markets: The IRS will soon hunt down bitcoin users who don't pay taxes by criminally prosecuting them en masse. That's the prediction of IRS tax investigator Gary Alford, who says the agency is ready to clamp down on crypto tax evaders. Alford says the IRS has usually been lax about pursuing new tax cases due to the rapidly-evolving tech industry. In other words, the law has often not kept...

Japan Unleashes 200 Tax Specialists to Chase Undeclared Cryptocurrency Gains

cryptocurrency, Japan

By CCN: Japan is adding to its impressive compliance charge on cryptocurrencies by honing in on tax evasion. Through more stringent laws tracking cryptocurrencies, the Asian country will gain better access to data from exchanges. The National Tax Agency (NTA), the country's tax authority, will deploy about 200 specialists to detect undeclared income gained from cryptocurrency trades. They are...

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