Cryptocurrencies
Crypto Tax Avoiders Face IRS Roulette: Fess Up or Try Hiding
- Some taxpayers can update tax forms, pay fines to avoid audit
- Biggest scofflaws may become IRS test for emerging crypto law
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More than 10,000 cryptocurrency investors face a decision as they open letters from the Internal Revenue Service informing them that they may owe taxes on their digital holdings.
Should they quickly file amended tax returns correcting prior omissions or mistakes and hope that’s enough to avert an audit? Should big-time dodgers come forward and acknowledge their actions -- all while risking that the IRS might audit them or charge them with criminal tax evasion?