3 Ways to Stay Crypto Compliant with the IRS

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If you’re earning or trading in cryptocurrencies and not declaring to the IRS, it probably won’t end well. But if you want to make amends, there are three ways to go about it. IRS Sent Over 10k Letters to Crypto Users Since cryptocurrencies have been repeatedly thrust into the spotlight, they’re also increasingly under the purview of the tax authorities. It would be a good start declaring your cryptocurrency transactions to the IRS moving forward. But it would be better if you came out in the open about past transactions as well. The IRS has now made crypto tax compliance one of its leading concerns. The Internal Revenue Service sent more than 10k letters this summer to cryptocurrency users whom, it believed, had failed to report transactions or pay taxes. And non-compliance on your taxation obligations has serious consequences. In fact, earlier this month, IRS Chief Counsel Michael Desmond advised…

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