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3 Ways to Disclose Cryptocurrency Transactions to the IRS
Law 360
25 Oct 2019
3 Ways to Disclose Cryptocurrency Transactions to the IRS
In an article with Law360, Morrison & Foerster of counsel Ed Froelich discussed how cryptocurrency users should disclose transactions to the IRS.
Ed talked about how a voluntary disclosure may be appropriate if a cryptocurrency user is concerned about possible criminal charges. He explained that when deciding between filing amended returns and initiating a voluntary disclosure, one must consider whether the misreporting was due to sloppiness or the client’s frame of mind. “The IRS’ general voluntary disclosure program is suited to taxpayers who intentionally filed a return knowing it to be false and who are exposed to criminal penalties,” Ed said.
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