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The IRS is cracking down on crypto tax evasion, with reports of Poloniex transactions from 2017 being scrutinized. Tax experts warn of significant penalties for non-compliance, advising to track gains and set aside 50% for taxes to avoid future financial strain. The IRS, in collaboration with the DOJ, is pursuing criminal charges for crypto tax fraud, signaling a tougher stance this filing season.
The tax man vs. Crypto investor https://t.co/SRvlKzVskN
Crypto tax cheats just might have more to worry about this filing season as a newly confident IRS worked with the DOJ on the first standalone criminal charges for crypto tax fraud. https://t.co/uP0xnakjIc
if you're booking a lot of gains recently don't forget to track tax liability (especially in the US) a general rule if you're making a lot is to set aside 50% of gains from each short-term trade i know it hurts, but not as much as owing more than you have left in April 2025...
