Cryptocurrency

Cash transactions of more than $10,000 are already required to be reported to the IRS, and the Treasury Department says that it only makes sense that crypto transactions with the same fair-market value should also be reported. Though the Treasury Department noted that cryptocurrency transactions account for a small share of overall business transactions, it said that requiring people to report them is an important step to minimizing the shifting of assets into cryptocurrencies or other devices used to evade tax obligations. The newest tax proposals also call for banks to report on account activity to provide a second measure of accountability for transactions. Many cryptocurrencies lost value in the stock market after the proposed changes were announced. The proposed changes are just the latest in many efforts the IRS has taken to increase tax enforcement, and specifically to increase enforcement of cryptocurrency reporting. Want to get all your money back, and or beat the IRS? As an expert witness Lance Wallach has never lost a case. Lance Wallach receives hundreds of calls annually to help people fight the IRS and get their money back from the promoters of these scams. Google Lance Wallach and your advisor, who do you trust? 516-236-8440 Wallachinc@gmail.com https://cryptocurrencyrelief.com/