IRS Warns Taxpayers To Include Crypto On Income Tax Returns

The US Internal Revenue Service (IRS) released a memo March 23, reminding US citizens of the need to report their digital currency earnings on their income tax returns.

The IRS notes that Notice 2014-21 defines digital currencies as property, and they are thus subject to federal property taxes. Those who fail to report their crypto earnings can be “liable for penalties and interest,” and “in more extreme situations criminal prosecution.”

Reference: https://cointelegraph.com/news/irs-warns-taxpayers-to-include-crypto-on-income-tax-returns

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