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IRS Advising Virtual Currency Owners to Pay Back Taxes
Author: Frank L. BrunettiDate: August 2, 2019
In IR-2019-132, July 26, 2019, the Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties," said IRS Commissioner Chuck Rettig. "The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations."
Does Your Retirement Plan Protect Your Home from Medicaid Recovery?
One of the Top Risks for Retirement is Health Problems - Does Your Retirement Plan Protect Your Home from Medicaid...
IRS Position on Willfulness in FBAR Penalty Case Not Taxpayer-Friendly
The IRS Recently Clarified Its Position on Willfulness in FBAR Penalty Cases and It Is Not Taxpayer-Friendly Pursuant to 31...
Will IRS Modify Schedule UTP for Uncertain Tax Positions?
The IRS is Currently Evaluating Whether to Eliminate or Modify Schedule UTP Additional tax changes may be on the horizon...
Evaluating the Value of Nondisclosure Agreements Under New Tax Reform Law
A Provision Was Added to the Tax Cuts and Jobs Act that Discourages Companies' Use of Nondisclosure Agreements in Harassment...
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