• The crypto tax reckoning is here We are officially entering the ‘crypto tax enforcement era’, but the new rules, written by people who don’t understand crypto, could have some big repercussions for the industry as a whole. • Doing crypto taxes this year is going to suck. • For the past decade, the IRS has treated cryptocurrency as property rather than currency, treating every sale and exchange as a taxable event. • However, despite blockchains being public ledgers, tax compliance rates have always been low. • The gap between what the IRS expects and what crypto users actually pay in taxes has been growing for years. • That gap is about to close significantly.
Article Summaries:
- The crypto tax reckoning is here We are officially entering the ‘crypto tax enforcement era’, but the new rules, written by people who don’t understand crypto, could have some big repercussions for the industry as a whole. Doing crypto taxes this year is going to suck. For the past decade, the IRS has treated cryptocurrency as property rather than currency, treating every sale and exchange as a taxable event. However, despite blockchains being public ledgers, tax compliance rates have always been low. The gap between what the IRS expects and what crypto users actually pay in taxes has been gro
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