The IRS is impatient
Information has leaked to the media that the IRS plans to move away from training and take up law enforcement. In the near future, we plan to start levying a tax on crypto income from careless taxpayers by any means
Former IRS Criminal Investigators Don Fort shared that the cat-and-mouse game between the IRS and cryptocurrency investors is over.
The service will no longer remind you about the rules for preparing and submitting reports a hundred times. In 2021, the IRS begins to pay more attention to prosecuting violators. These are civil and possibly criminal penalties.
The management has data from cryptoinvestors. Back in 2018, Coinbase gave the IRS the account details of more than 13,000 US users. Bitstamp also responded to inquiries from the tax office. So you won't be able to hide.
The high interest of the IRS in this issue is indicated by the addition of the issue of cryptocurrency, which now features prominently at the top of the 1040 form. The reason for the interest is simple.
A significant tax gap has formed in the US financial system. This is the difference between the total income and the taxes payable. Given the significant increase in the value of cryptocurrencies, token holders can play an important role in paying off the shortfall.