Archive by Month: February 2020

Cryptocurrency and Federal Taxes: What are Your Obligations to the IRS?


Posted in on February 28, 2020

The Internal Revenue Service (IRS) is cracking down on individuals who fail to report cryptocurrency transactions and who fail to pay income taxes triggered by these transactions. In late 2019, the IRS issued updated guidance on the federal tax treatment of cryptocurrency (or “virtual currency”); and, at the same time, it warned that it is, “actively addressing potential non-compliance in this area through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.” If you are concerned that you may be behind on your federal tax obligations, you should speak with a New Jersey tax attorney promptly.

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