Ahead of Tax Deadline, AG James Cautions Crypto Investors That
Failure to Pay Taxes Could Have Legal and Financial Consequences
AG James Encourages Whistleblowers to Come Forward With Information About Noncompliance
NEW YORK – New York Attorney General Letitia James today issued a warning to virtual currency investors and their tax advisors to make sure that they accurately declare and pay taxes on their virtual investments. Deliberate or reckless failure to properly declare and pay taxes on cryptocurrency transactions may constitute civil or criminal violations of the tax law, as well as violations of tax provisions of the New York False Claims Act, which could result in steep financial liabilities. As the tax filing deadline approaches, Attorney General James encourages crypto investors to consult and follow guidance from the Department of Taxation and Finance (DTF) and the Internal Revenue Service (IRS) to accurately file their taxes and avoid penalties.
“Crypto investors, just like working families and everyone else, must pay taxes,” said Attorney General James. “Cryptocurrencies may be new, but the law is clear: Investors must accurately report and pay taxes on their virtual investments. My office is committed to holding cryptocurrency tax cheats accountable. Paying taxes on crypto transactions is not optional, and investors who skirt the law can face serious consequences. I encourage all crypto investors to follow guidance from the IRS and the New York State...
Human rights lawyer, Femi Falana, has accused President Donald Trump of being insincere on the death of an ISIS Commander, Abu-Bilal al-Mainuki. US President Donald Trump had announced the killing...