IRVINE, Calif., June 22, 2022 /PRNewswire/ -- If a taxpayer underreports or fails to pay income tax from cryptocurrency income sources, they could face criminal and civil liability. While federal statutes have failed to reach this far in the past, cooperative agency efforts are using state legislation to target noncompliant taxpayers across the country.
To further their efforts, some of these programs are considering implementing whistleblower programs to bolster their own abilities to identify and prosecute tax evasion and fraud involving digital currencies and non-fungible tokens. It is more important now than ever to ensure that you do stay or become tax compliant.
At the Tax Law Offices of David W. Klasing, our seasoned Dual Licensed Cryptocurrency Tax Attorneys and CPAs are here to help. To get a first-time special reduced rate case assessment, call our offices today at (800) 681-1295 or schedule online here.
IRS, DOJ Expected to Target Unreported Cryptocurrency Income Through False Claims Act
This is a new step that expands on the federal version of the False Claims Act (FCA). Tax cases, specifically those involving the underreporting of income on tax returns of any sort, are explicitly excluded from the federal version of the FCA. However, certain states that have adopted their own version of the FCA may present a unique threat for tax enforcement.
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