Tax Avoidance

IRS Is Tracking Down 10,000 Crypto Owners to Pay Back Taxes

IRS Is Tracking Down 10,000 Crypto Owners to Pay Back Taxes

The IRS in 2014 classified all virtual currencies as property for tax purposes, meaning the assets -- much like a home -- can be sold at a profit and trigger tax implications. Taxpayers who haven’t been notified by the IRS and may have underpaid or avoided taxes for cryptocurrency transactions still could seek some relief by coming forward before the IRS finds them.