Technology,
Tax
Nov. 5, 2021
As IRS pursues crypto, some tax theories may surprise you
We are already seeing crypto audits by the IRS and some states (notably California’s Franchise Tax Board), and more are sure to follow.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
More than once, the Internal Revenue Service has made it clear that it is going after people who don't report taxes on their cryptocurrency transactions. With IRS summonses to Coinbase, Kraken, Circle and Poloniex, plus other enforcement efforts, the IRS is on the hunt. In 2019, the IRS sent 10,000 warning letters to crypto users asking for compliance, but all were nudges to try to encourage taxpayers to be compliant. The IRS is using crypto tracking software, too.
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