RATE Group | You Might Owe Cryptocurrency-Related Taxes | Tech Law
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You Might Owe Cryptocurrency-Related Taxes | Tech Law

20 Nov You Might Owe Cryptocurrency-Related Taxes | Tech Law

Posted at 18:55h in Cryptocurrency News by

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By Peter S. Vogel & Chelsea Hilliard

Nov 20, 2019 10:13 AM PT

Got your attention? We thought so.

In a recently published Notice, the Internal Revenue Service seems to be offering some cautionary advice about the legal risks associated with using cryptocurrencies to avoid capital gains taxes.

Likely displeased by the volume of folks who have utilized cryptocurrencies to avoid reporting capital gains, the IRS may be signaling its intent to crack down on cryptocurrency trading activity.

At this point, there can be no doubt that the IRS is well aware of how cryptocurrencies are used, and how to tax virtual currencies.

The short of it is this: The IRS views cryptocurrency no differently than the U.S. dollar. Crypto-traders no longer can keep their heads in the sand, pretending the IRS does not know how to trace virtual funds back to their owners. Aliases and murky foreign jurisdictions no longer provide plausible deniability on the issue.

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