IRS Launches Crackdown ON Crypto Investors
Ah yes today is Tax filing day and while they scramble to give away as much as they can to the poor and disadvantage (equity) but they also must pursue the postive side of the Tax stream to offset the huge defcits to support illegals and the poor to gain votes when they legalize them to pay them off so all of them can vote for The Democrats. Got kids and poor? Don't worry The Government is you new charity and will be your new savior.
It starts by reminding readers that two new IRS investigations to catch crypto tax cheats targeting various exchanges have been launched in recent months. In April, a judge in Boston approved an IRS summons to the payments company Circle and its affiliates, including the crypto exchange Poloniex. In May, a judge in San Francisco approved a similar summons for records from Kraken, another exchange based in California. Both summonses apply to customers who have traded more than $20K in crypto in any single year between 2016 and 2020.
"With these summonses and other actions, the IRS is mounting a full-court press to show taxpayers how seriously it takes cryptocurrency compliance," says Don Fort, a former chief of IRS criminal investigation now with Kostelanetz & Fink. "Taxpayers should take it seriously too."
Crypto exchanges don't report client information to the IRS like discount digital brokerages do, so there's temptation for traders to try and skate by. But if this approach worked in the past, be warned: that could change this year now that the Dems are back in power.