Unreported Crypto Costing IRS Billions

According to current research, cryptocurrency tax noncompliance is likely costing the IRS billions in revenue.  For 2017 alone, U.S. cryptocurrency holders likely owe $25 billion in capital gains taxes as a result of $92 billion of taxable gains, Tom Lee, the head of research at Fundstrat Global Advisors in New York, wrote in an April note. Based on Lee’s figures, that would mean unreported cryptocurrency tax liabilities potentially account for $12.5 billion of the estimated … Read More