Law360 (January 3, 2021, 12:02 AM EST) — A high-stakes recreation of rooster strikes to the subsequent degree in 2021. Over the previous a number of years, the Inside Income Service has repeatedly warned that taxpayers who violate the legislation whereas utilizing digital forex — together with cryptocurrency — might be pursued for civil and, probably, legal penalties.
To some, the warnings appear to be all smoke and mirrors: Apart from just a few high-profile prosecutions and forfeiture actions for particularly egregious alleged violations of the tax and cash laundering legal guidelines, the IRS has but to announce many mainstream tax evasion or money-laundering circumstances involving digital forex. Reasonably, the IRS seems to be focusing…
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