As a result of the IRS campaign against cryptocurrency tax noncompliance, it has received more than 1,000 amended tax returns, collected $13 million in taxes from crypto holders with more than $20,000 of transactions, and collected another $12 million from other crypto notices. Moreover, the Treasury Department has recently released the “American Families Plan Tax Compliance Agenda,” which proposes a new financial institution reporting regime. In this reporting regime, all financial institutions, including foreign financial institutions, crypto asset exchanges, and custodians, must report gross inflows and outflows on all business and personal accounts to the IRS. Some of the IRS published guidance on cryptocurrency to be aware of are IRS Notice 2014-21 (the proper characterization of cryptocurrency as property) and IRS Revenue Ruling 2019-24 (the taxation of hard forks and air drops).

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Jason Morton is a Partner in a small boutique tax law firm, Webb & Morton PLLC, with offices in both North Carolina and Virginia. He maintains the law firm’s very active

Blog, as well as maintaining a Vlog on YouTube. Jason…

Jason Morton is a Partner in a small boutique tax law firm, Webb & Morton PLLC, with offices in both North Carolina and Virginia. He maintains the law firm’s very active

Blog, as well as maintaining a Vlog on YouTube. Jason has published several featured articles with TaxNotes, the NC Bar Association Tax Section, Autism Parenting Magazine, local newspapers and most recently, working with Cointelegraph and Bloomberg Tax. Jason is also an Officer in the Army National Guard, most recently serving an active duty tour from 2016 to 2018. Most importantly, above all else, Jason is proud Autism Dad.