The Crypto Taxman is Coming. Should You Be Worried?
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masterfreakgaming.com
The IRS is going after crypto profits like never before
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masterfreakgaming.com
If crypto owners make a good effort to calculate and pay what they owe, they are unlikely to face serious consequences
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masterfreakgaming.com
April 18 is the deadline for filing taxes in the U.S., and, just like last year
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masterfreakgaming.com
This shows the Treasury Department now regards crypto taxation as an important source of income
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masterfreakgaming.com
Is the IRS up to the job?
Even as the IRS move to process this year's tax returns, it still has a backlog or nearly 20 million filings from last year
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masterfreakgaming.com
The IRS's task is especially difficult when it comes to DeFi, where crypto traders have made enormous amounts of money
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masterfreakgaming.com
What happens if you're audited?
While the IRS has made clear they expect people to pay tax on their crypto earnings, for many it won't be clear how much they owe.
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masterfreakgaming.com
Even the smallest crypto transaction can give rise to a capital gain obligation, while the cost basis for any profit may not be obvious
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masterfreakgaming.com
But even relying on these specialty services doesn't guarantee a crypto owner will calculate what the IRS believes is owed