Tax Corner – 2022 Tax Planning

Posted on March 22, 2022 by The Weekly Commentary

Cryptocurrency and Virtual Currency IRS Guidance
Virtual currency transactions are taxable by law just like transactions in any other property. The IRS is aware that some taxpayers with virtual currency transactions may have incorrectly reported or failed to report income and pay the related tax. Therefore, it is actively addressing potential non-compliance in this area. Millions of taxpayers may find themselves the target of a new IRS initiative called Operation Hidden Treasure.
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