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November 26, 2024
Partner Mark Howe spoke with The Wall Street Journal about the increased IRS oversight of cryptocurrency in an article, "Bitcoin Is Surging, and the IRS Is Watching Closer Than Ever," published on November 26.
Some cryptocurrency owners are starting to cash in their holdings as the price of crypto has recently surged. The IRS is following suit by ensuring that any taxes owed from crypto sales are being paid through increasing audits and criminal cases. With new reporting rules beginning in 2025, Mark warns that any crypto holders should get their records in order.
“The thing to do now is to clean up your digital books and records. The reporting regime is coming,” said Mark.
Read the full article here.
