IRS Targets Crypto! The High Stakes Game of Hide and Seek That Could Cost You Everything 📈

Clinton explores two main approaches that the IRS uses to enforce digital asset compliance: audits and criminal enforcement. In the first approach, the IRS determines who to audit, in part, based on whether taxpayers report as much income on their tax returns as the IRS knows about, since crypto exchanges and brokerages in the U.S. report all transactions to the IRS each year. The second approach is criminal enforcement, where the IRS goes after taxpayers who didn’t report their crypto income at all or who omitted crypto income on their tax returns. Proving criminal intent isn’t very hard to do.Show more

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▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬
00:00:00 Intro
00:00:10 - Primary Audit Trigger
00:00:28 - IRS Income Tracking for Crypto
00:01:20 - $600 Threshold Postponed
00:01:42 - Criminal Enforcement
00:02:24 - Plea Bargaining for Tax Evasion
00:03:18 - Client Story: How the IRS found his Bitcoin
00:06:00 - How IRS collects crypto info
00:06:16 - How IRS tracks crypto transactions
00:06:32 - How IRS tracks high-frequency trader
00:06:51 - Discrepancy triggers IRS audit
00:07:04 - IRS has data on US and foreign exchanges
00:07:23 - IRS gets income reports from PayPal
00:07:45 - US tax compliance burden
00:08:00 - Our Sponsor: CryptoTaxAudit

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📣 Host: Clinton Donnelly
Twitter 👉 https://twitter.com/CryptoTaxFixer

Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification.

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🐋 Sponsor: CryptoTaxAudit

CryptoTaxAudit, the crypto tax and IRS audit experts, sponsored this episode.

Founded in 2015, CryptoTaxAudit is a full-service tax preparation, crypto calculation, and audit defense company. Clinton Donnelly founded the company and currently serves as its president. Clinton has assembled an experienced team of crypto tax experts, including CPAs, enrolled agents, forensic accountants, and gain calculation analysts. The company’s crypto experts deliver personalized services to help clients get into compliance, develop their tax strategies, and receive professional representation before the IRS.

CryptoTaxAudit protects its clients with Audit Defense, its flagship membership service. Audit Defense membership counters the growing cost of defense against the IRS by providing a cost-effective option for crypto traders and investors.

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All opinions expressed by the show’s host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit. Research legal, tax, and financial guidance and advice as needed.

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#IRSTargetsCrypto #CryptoTaxation #CryptoCompliance #CryptoEnforcement #IRSRegulations #CryptoAudit #CryptoReporting
#TaxEvasion #TaxFraud #CriminalEnforcement #altcoins