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All non-payers of taxes from crypto revenues will soon get to the IRS online
The Office intends to launch a full-scale operation to catch non-payers. Millions of traders, investors who have not submitted declarations will be identified. Penalties will follow.
The interest from the IRS is understandable. In 2021, cryptocurrency went into significant growth. Investor returns rose. Since in the U.S. cryptocurrency is considered not as money, but property, U.S. citizens must pay taxes on the income from trading and investments.
Therefore, those who have already filled out the declaration in 2021, could see the issue of crypto on page 1 of Form 1040. The applicants of the document are required to specify whether they were sold, translated, or whether they exchanged virtual currencies in 2020.
Those who evade taxes will have a hard time in 2021. The IRS, as we mentioned, is launching a hunt for hidden treasures. This will be handled by special criminal investigators with experience in tracking transactions on the Internet.
This was confirmed by Kell Kanti, head of developers of the Ledgible Tax Pro platform, designed for reporting and planning crypto taxes. According to him, there are more than 53 million accounts on the Coinbase exchange alone. The volume of cryptocurrency trading, as well as income, is growing. However, the IRS does not see the treasury receive the appropriate amount of taxes. The situation is a stalemate.
In 2021, 18-21 million taxpayers will have to report income. This figure was named by The representative of Verady John Vandrisco.
Many of these people have no idea how to file properly. That's why certified auditors (CPA) services have become popular. They will help to understand how much people earned by reviewing each transaction and calculating the tax.
Of course, not every accountant will be able to understand transactions when the numbers are translated with accuracy, for example, up to 16 decimals. Therefore, we need a person who is familiar with crypto.
It will have to evaluate all transactions and identify those in which cryptocurrencies are exchanged for something valuable. This transaction is taxable. In fact, most crypto transactions are such from buying toys to a child to exchanging one digital currency for another.
The CPA's job is not only to calculate taxes, but also to advise and then to protect the client's interests in crypto audits. In general, if you don't have an auditor yet, look for him while you have time!