Crypto News 

The IRS reminded taxpayers Friday that anyone who made money in 2017 by trading in cryptocurrencies like bitcoin must report that income, and could face criminal charges if they don’t.

“The IRS reminded taxpayers Friday that anyone who made money in 2017 by trading in cryptocurrencies like bitcoin must report that income, and could face criminal charges if they don’t” writes Luke Macgregor Bloomberg for washingtonexaminer.com. “Virtual currency transactions are taxable by law just like transactions in any other property,” the IRS said.”In more extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions,” the IRS said.The IRS said it’s aware that people “may be tempted to hide taxable income,” especially income earned by trading in difficult-to-trace virtual currencies.”Criminal charges could include tax evasion and filing a false tax return.”.
 
Source: washingtonexaminer.com



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