The high-stakes game of chicken regarding the IRS’s enforcement of tax violations involving cryptocurrency holders is poised to move to the next level in 2021, K&F Director of Investigations Don Fort and Partner Lawrence Sannicandro explain in a recent Law360 article. After several years of warning taxpayers about civil and criminal penalties that could result from violations of the tax law involving virtual currency, the IRS is likely to transition from education to enforcement this year, the duo explain.
“Practitioners should advise noncompliant, eligible taxpayers of the option to use a qualified amended return or a voluntary disclosure to come into compliance with the tax laws to mitigate civil penalties and/or criminal investigations and prosecutions,” Fort and Sannicandro recommend.
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