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…
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