Our new white paper tackling and setting the standard for best practices on Crypto Tax is now available. Check out the excerpt below and then click over to the full PDF!
Virtual currency and crypto tax reporting continues to be top enforcement priorities for the IRS. With the virtual currency question moving to the first page of Form 1040, is your firm prepared to serve some of the 12 to 21 million taxpayers who will need help reporting cryptocurrency transactions to the IRS?
The IRS is prioritizing rooting out cryptocurrency tax evasion in the coming years. At a Federal Bar Association presentation on fraud enforcement priorities, Damon Rowe, Director of the Office of Fraud Enforcement at the IRS, announced "Operation Hidden Treasure." This initiative includes a dedicated team of criminal investigators trained in virtual currency tracking. They ll be looking for tell-tale signs of cryptocurrency activity to ensure that all U.S. taxpayers pay appropriate taxes on their crypto transactions.
This white paper provides an overview of the challenges crypto tax provides for professionals and best practices for integrating it into your existing workflows. We'll explain how your firm can implement an end-to-end crypto workflow to maintain efficiency, minimize risk, improve the client experience, and automate data entry into your tax software.