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…