To listen to the podcast version of memo click here —> Podcast Version
Main take away to this memo is as follows.
If you have NOT properly accounted for your crypto transactions on your tax returns because you believe the IRS cannot discover your transactions, you are wrong and putting yourself at severe risk.
The Joint Chiefs of Global Tax Enforcement is a new international coalition formed to fight crypto fraud, crypto non-filing and illegal activity in the crypto space. Representatives from the US, UK, Australia, Canada, and the Netherlands are initially involved but many more countries are expected to join and cooperate.
What does this mean? This means that governments will now be sharing information on crypto currency transactions, servers and investments with each other. This gives the IRS the ability to detect US Taxpayers who have failed to report their international crypto transactions.
The IRS started a letter writing campaign to taxpayers they have detected may not have reported all of their crypto transactions. This new international information will add to that database and puts many taxpayers at risk of audit.
Prior to this, the IRS’ reach was mostly limited to the crypto currency transactions and accounts that were using USA based servers, but no more.
If you have prior crypto transactions you have not yet reported, I urge you to contact me before the IRS contacts you.
Questions? Concerns? Call me on (732) 673-0510.
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Please reach out to me without hesitation with any tax, business or
accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Call Me Immediately. (732) 673-0510.
Is your CPA or Attorney
ignoring your Phone Calls and Emails?
Call Me Immediately. (732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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