Law360 (October 25, 2019, 6:28 PM EDT) — The Internal Revenue Service has made cryptocurrency tax compliance one of its top priorities and has recommended that virtual currency users come clean to the agency if they haven’t disclosed transactions in the past.
This summer, the IRS sent more than 10,000 letters to cryptocurrency users who may have failed to report transactions or pay taxes on them, warning of the consequences of noncompliance. Earlier this month, in the wake of guidance released by the agency on the treatment of cryptocurrency, IRS Chief Counsel Michael Desmond said users might want to consult with their advisers if they hadn’t been properly disclosing their…
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!
Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.
