RATE Group | Are You Ready for the New Crypto Tax Season?
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Are You Ready for the New Crypto Tax Season?

30 Jan Are You Ready for the New Crypto Tax Season?

Posted at 00:11h in Cryptocurrency News by

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It’s here! The United States tax season officially started on Jan. 27, and this time, crypto tax is in the spotlight.

Following developments that culminated in the Internal Revenue Service publishing new guidance in October 2019, the bureau has begun to invest efforts in cryptocurrency tax reporting and investigation and is expecting to see an increase in crypto tax reports.

Those who intend to report their crypto activity can skip down to the tips for easy and accurate reports. As for the crypto cypherpunks who are not going to report — these next few lines are for you. Take a moment to realize that times have changed.

Related: New IRS Tax Guidance Targets Crypto, and US Persons Who Use It

The most crucial advice this tax season is to realize that the anti-tax anarchist concept of “tax me if you can” is not going to work anymore. This is not 2011, when nobody knew where this was all going, and there were so few people involved with Bitcoin that the government didn’t care to…

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