New IRS Form Confirms the Agency Remains Curious About Cryptocurrencies

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American cryptocurrency holders are all too aware of what the IRS aims to achieve. In a new form sent to recipients, the agency is trying to dig deeper into people’s crypto past.

It is pertinent for US cryptocurrency users to report their holdings, earnings, and losses to the IRS.

The IRS is at it Once Again

Those who decide not to be honest about their holdings will feel the consequences sooner or later.

What is somewhat disturbing, however, is how the IRS keeps prying crypto enthusiasts for more information.

A new form surfacing on the agency’s website shows how taxpayers will need to explain how they acquire, exchange, and sold these currencies exactly.

While the questions may seem innocent enough, the answers users provide may create certain precedents for the future.

All of this further confirms the tax agency is not backing down on gathering crypto-related information from US citizens.

While that is not necessarily a bad thing, one has to wonder what the IRS hopes to gain from doing so.

There are some who fear responding honestly to these questions will put them on the agency’s radar, resulting in a personal audit.

That would certainly be a plausible outcome, depending on the answers the agency receives in the process.

For US citizens, there is little else to do but simply answer the question truthfully.

Users who have absolutely nothing to hide should never be afraid of speaking the truth, after all. 

Image(s): Shutterstock.com

The post New IRS Form Confirms the Agency Remains Curious About Cryptocurrencies appeared first on The Merkle Hash.

Publication date: 
12/09/2019 - 06:00
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