From the Tax Law Offices of David W. Klasing [Video]

IRVINE, Calif., Aug. 8, 2024 /PRNewswire/ — Cryptocurrency is transforming the tax landscape by introducing new challenges in reporting and compliance. The decentralized and often anonymous nature of crypto transactions complicates the ability of the Internal Revenue Service (IRS) to track taxable crypto income and enforce tax laws, prompting the agency to develop new strategies and partnerships to address these issues.

The IRS expects a rise in crypto tax evasion cases as taxpayers file their returns, with a focus on “pure crypto tax crimes” involving unreported income and concealed crypto assets. To address these issues, the agency is collaborating with blockchain companies to enhance their ability to trace and investigate complex crypto transactions. Significant crypto asset seizures and increased civil and criminal tax enforcement efforts are on the horizon.

If you have failed to file a tax return for …