If things weren’t gloomy enough for the digital asset industry, American crypto investors have now been targeted by the nation’s tax department.
The US Internal Revenue Service is ramping up its efforts to collect taxes from crypto traders regardless of a 70% market slump.authorizing summons for records of US taxpayers that failed to report transactions and pay taxes on crypto profits.
Specifically, the IRS will issue what is known as a “John Doe summons” requiring MY Safra Bank to provide crypto transaction data for customers of the SFOX cryptocurrency broker that used the bank. According to the Department of Justice, SFOX has over 175,000 users and more than $12 billion in transactions since 2015.The revenue department has identified at least ten crypto traders and investors that used the broker and failed to report their transactions.
IRS Commissioner Charles Rettig commented, “The government’s ability to obtain third-party information on those failing to report their gains from digital assets remains a critical tool in catching tax cheats.” Deputy Assistant Attorney General David A. Hubbert confirmed that income and gains from cryptocurrency transactions were taxable and will be chased. The IRS strongly believes there are many unreported transactions and will increase its efforts to track them down, court orders being its primary weapon.According to CPA and president of Gordon Law Group, Andrew Gordon, this has become a very high priority for the IRS.
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