IRS criminal investigators have recently announced that cryptocurrencies and NFTs are being used to launder money, manipulate markets, and no surprise… evade taxes. ie. cryptocurrency tax evasion.

With digital assets becoming more popular, they’ve been a growing concern for government agencies, especially the IRS. Regulators are now forced to figure out how to trace transactions and carry out enforcement activities to deter illegal activity.

If you’re an investor in cryptocurrencies or NFTs, then you need to pay attention, because the IRS is cracking down.

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Do you have questions about Cryptocurrency Tax Evasion | IRS’ New Strategies? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.

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Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

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