TOP TIPS – Understand Your Cryptocurrency Reporting Obligations
As the tax reporting season enters full swing, filers need to keep abreast of IRS rule changes and new obligations.
New IRS rules in relation to the reporting of cryptocurrency assets make it imperative for taxpayers to be clear and transparent in their disclosure of cryptocurrencies, with those who fail in this regard facing potential criminal investigation, fines as high as $250,000 and as many as five years in prison.
Here we take a look at the key factors in cryptocurrency reporting.