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US Law Firm Forecasts Surge in IRS Cryptocurrency Prosecutions

  • Klasing Associates predicts an incoming barrage of lawsuits against crypto tax evaders by the Internal Revenue Service.
  • This comes after the IRS added a cryptocurrency questions on Form 1040 which all United States tax payers must answer.
  • According to Klasing, the IRS is looking to separate responsible crypto users and those who use digital currency to evade taxes.
  • The Secretary of the Treasury has also emphasized efforts to prevent cryptocurrency from being viewed as “Swiss bank accounts.”.
  • The March 3 summit in Washington D.C. hosted by the IRS will focus on striking a balance between taxpayer services and regulatory enforcement.

To read the full article, visit Inside Bitcoins.

For help with cryptocurrency tax filing, check www.cryptocurrency.tax

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