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The dreaded Internal Revenue Service (IRS) audit: Any number of things could land you in the hot seat with the IRS. But beyond these ordinary items, those taxpayers with investments also need to look out for investing-specific causes for an audit.
Some professionals are predicting that the IRS will start looking more closely at the willful versus nonwillful standard in filing the form late or incorrectly.
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Sure, you might have to actually pay U.S. taxes on those crypto trades. But at least it will be easier to figure out how much you owe.
A new push by Congress to require crypto brokers to report transactions to the Internal Revenue Service could create some unwelcome tax bills but could clarify rules for traders and users of Bitcoin and other digital tokens, potentially strengthening the system in the long run, people in the industry say.
The new rules â a last-minute addition to the $550 billion bipartisan infrastructure package now being considered by the U.S. Senate â would also force businesses to disclose trades of digital assets of more than $10,000. The provisions are designed to raise $28 billion.
Crypto Investors Get Ready for More Taxes, But Clearer Rules ndtv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ndtv.com Daily Mail and Mail on Sunday newspapers.