On September 3, 2018 we posted 150 Offshore Banks & Now Financial Advisors Are Turning Over Your Names To The IRS - What Are Your Waiting For?, we discussed that the IRS keeps updating its list of foreign banks which are turning over the names of their US Account Holders, who where then subject to a 50% (rather than 27.5%) penalty in…
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IRS Letters to Virtual Currency Owners Regarding Back Taxes
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. "Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and…
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