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Here’s how you can really comply with the IRS and avoid hefty penalties + 5 tips to report your crypto exchanges accurately.
As Elon Musk tweets about the benefits of investing in cryptocurrencies like Bitcoin and Dogecoin, several businesses and individuals alike have started investing in virtual assets, leading to rising trends in virtual asset investments. But, this is not new. Cryptocurrency has been in the game since 2009.
Not a lot of businesses realize that much like any other asset, a virtual asset like Bitcoin or Dogecoin or any other virtual currency, really, must be reported for tax compliance.
Many are under the misconception that virtual assets are non-taxable and don’t have to be reported.
But that’s far from the truth.
The IRS states that any virtual asset or virtual currency is treated as “property”. This means that any capital gains or losses you make through your virtual assets must be reported to the IRS. The same reporting rules that apply to a physical asset would also apply to your virtual assets.
But what does this mean for you as a taxpayer? How do your virtual assets make a difference to the IRS? Is there a significant impact on the economy?
The White House and the Treasury Department have released a statement recently, which clarifies the impact crypto assets have on taxes. Cryptocurrencies like Bitcoin are currently valued at $2 Trillion, leaving room for unreported assets and gains. This is leading to a huge tax gap – a difference between the tax you owe and the tax you pay. Currently, the White House estimates that this tax gap may stretch further and create a $7 Trillion gap by the end of the decade.
To counter the impact of tax gaps and corrupt income-hiding practices of taxpayers, the IRS is aggressively monitoring all virtual transactions.
Forbes first reported that the IRS is on a mission to crackdown fraudulent taxpayers who are hiding their virtual assets.
It is essential to understand that the IRS is not only penalizing individuals and businesses for unreported virtual assets but also assessing criminal offense charges for tax evasion.
This means if you do not report your virtual assets, you could end up paying millions or even billions of dollars in penalties and endure possible imprisonment.
With the rise in the importance of regulatory compliance, it is essential for virtual asset service providers, third-party network transaction enablers, and businesses involved in dealing with crypto assets to become transparent in their approach towards virtual asset reporting.
Tax1099 is an IRS-authorized e-file provider enabling businesses to report informational taxes. Our dynamic digital infrastructure allows users to report their crypto exchanges from anywhere around the world on any smart device.
You can choose our simple-to-follow 1099 crypto reporting solutions or our customized API solutions (recommended for first-time filers and bulk filers).
With automatic tax calculations, most-used accounting software integrations, real-time TIN Matching, you are all set for an easy and compliant 1099 reporting season.
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