An alarming situation will soon knock the doors of those U.S. citizens who have failed to report their income from crypto transactions or might have underreported such income.
This is so because Internal Revenue Service quite recently revealed as well as identified a few taxpayers who provided a false report of their earnings. Moreover, there were some who completely failed to report such earnings. Well as soon as this was revealed, the very first action was to notify those who have been identified very soon.
Keeping in mind the ongoing scenarios, Ally Versprille, Senior reporter covering IRS/Treasury for Bloomberg tweeted on 21st June saying:
“Crypto users beware. IRS auditors are starting to look at your transactions.”
As far as the IRS is concerned, it’s busy initiating a new process of undertaking audits of taxpayers who hold crypto assets. Mary Beth Murphy, the IRS commissioner for the Small Business/Self-Employed Division, says the entire tax body’s exam team is now primarily focusing on cryptocurrency-owning taxpayers.
Charles P. Rettig, the IRS Commissioner, while speaking about the entire ongoing scenario said:
“The need for new guidance is driven by the fact that cryptocurrencies have evolved.”