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Wednesday, April 21, 2021
If you think the IRS will not find out about your cryptocurrency, think again. With Coinbase making its securities debut with a $85 billion valuation on April 14, 2021, and Dogecoin s value increasing 85 percent essentially overnight, the news spotlight will be on bitcoin, Ethereum and other digital currencies for the foreseeable future. However, cryptocurrency has been in the spotlight for the IRS for the past few years and virtual currency continues to be at the forefront of IRS investigations and enforcement priorities.
Do you think the IRS is not watching? See the new question at the top of the Form 1040 individual income tax return. Specifically, page one of Form 1040 asks taxpayers: At any time during 2020, did you receive, sell, send, exchange, to otherwise acquire any financial interest in any virtual currency? An incorrect answer can be seen as evidence of fraudulent intent by the taxpayer, suggesting that the return itself is fraudule
IR-2021-88, April 19, 2021
WASHINGTON As part of the continued focus on compliance issues, the Internal Revenue Service announced today the establishment of the IRS Office of Promoter Investigations. The new office will further expand on the efforts of the Promoter Investigations Coordinator that began last summer. By establishing the Office of Promoter Investigations, we are continuing our increased focus on promoters of abusive tax avoidance transactions, which we have demonstrated over the last year, said IRS Commissioner Chuck Rettig. This office will coordinate efforts across multiple business divisions to address abusive syndicated conservation easements and abusive micro-captive insurance arrangements, as well as other transactions.
IRS sharpens focus on crypto transactions financial-planning.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financial-planning.com Daily Mail and Mail on Sunday newspapers.