The IRS Is Aggressively Pursuing Taxes on Cryptocurrency Transactions

If you happened to prepare your own tax return this year or at least looked at the top of the first page, you might have noticed that the IRS has literally moved cryptocurrency transactions to the top. David Zaslowsky and Scott Frewing of Baker McKenzie in Part 1 of a two-part article look at the disparate ways that the various U.S. government agencies define cryptocurrency, as well as efforts by the IRS to increase the revenue stream to the government from cryptocurrency transactions. In Part 2, the authors look at other enforcement efforts by the IRS, as well as reporting and withholding obligations that might come to the fore based on past IRS enforcement activity.

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Articles were first published in Bloomberg Tax's Daily Tax Report and also appeared in the Tax Management Memorandum, May 2021.