Taxes in general are a serious topic that is important to handle correctly. Now for crypto traders, it’s become even more serious. Cryptocurrency is becoming a larger presence in our world and with that, more clarity is coming about regarding regulations and especially cryptocurrency taxation. I talk about this and more in my interview video with Ivan on Tech.
Crypto Taxes 2020 Overview
In this recent interview video with Ivan on Tech, we talk about:
- the latest regulation changes for US crypto tax reporting
- foreign filing obligations
- how the IRS thinks and will go after crypto traders
- crypto reporting tools
- crypto audit protection
- true-life stories and examples
- and more
A Sneak Peek of Crypto Taxes 2020 Interview Video
IVAN: What kind of news is the latest when it comes to US crypto tax reporting?
CLINTON: There is now a question about cryptocurrency on the US tax form 1040 that every tax payer has to answer. It ask, “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?“.
Everybody has to answer that, which is significant because when you sign a tax return, it’s signed with an oath that is under penalty of perjury. Answer that incorrectly and you’re committing a felony.
IVAN: Should everyone with crypto be concerned with the tax authorities?
CLINTON: Yes. The IRS considers crypto traders to be low-hanging fruit. It’s a branch of the government that wants to make money.
GET MY EBOOK: Why Crypto Traders Are Low-Hanging Fruit For The IRS
Watch Crypto Taxes 2020 Interview With Ivan On Tech
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