Tax experts see audits, enforcement on the horizon as IRS highlights crypto question
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Quick Take
- The draft of the IRS’s 1040 form asks tax payers if they’ve seen any financial interest from crypto dealings at the top of the form
- This, coupled with recent rounds of letters, indicates a growing interest in crypto compliance and enforcement
- Many crypto holders could face audits in the coming year
The U.S. Internal Revenue Service is closing the gap of plausible deniability for crypto reporting by placing the subject front-and-center on the draft of their new tax form. Before taxpayers even begin the first part of the IRS’s 1040, Schedule 1 form, they’ll be asked if they’re crypto holders. An early draft released in October reads: “At any […]
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