As crypto transactions become more commonplace and more complex, the IRS needs to deal with crypto tax fraud.
IRS Chief Charles Rettig says the US loses trillions of dollars in unpaid taxes every year… the crypto market is certainly no help to that number, either.
Currently, the IRS treats digital currencies like assets— they’re taxed like stocks or property. So yes, buying $DOGE is taxable. Taxable how, exactly? That’s what the IRS doesn’t know.
The President’s 2022 budget proposed crypto reporting requirements. We’ll see what Uncle Sam has in store for crypto fans. 🇺🇸