Tuesday September 27, 2022 – The IRS and other Federal and State agencies are increasingly focusing on cryptocurrency. So, if you have been lax on reporting your crypto trades, watch out for these new developments.
For example, the IRS recently issued a “John Doe” summons to the banking partner of digital currency prime broker. The summons allowed the IRS to search the banks records to locate all of the crypto broker’s customers. Remember, digital currencies operating on public blockchains leave time-stamped transactions for all to see and follow.
Much like the old anonymity of a Swiss Bank Accounts (no longer), the United States Government is using its ability to limit access to the American market, to force all business to reveal all financial transaction information.
You thought crypto was anonymous? Think again.
Attorney Steven A. Leahy reviews this trend in law enforcement.
https://www.wolterskluwer.com/en/expert-insights/irs-maintains-watchful-eye-over-cryptocurrency
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649