IRS Prepares Historic Crypto Tax Compliance Crackdown
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BTCCSquare news:
The Internal Revenue Service is mobilizing for an unprecedented wave of cryptocurrency tax audits. Sixteen years after Bitcoin's inception, regulatory clarity has arrived with Revenue Procedure 2024-28—establishing definitive tracking requirements and compliance deadlines. The IRS has begun issuing 6174, 6173, and 6174-A notices at unusual volume, signaling enforcement momentum.
Tax professionals report surging inquiries from panicked investors receiving compliance ultimatums. The agency's parallel development of Form 1099-DA creates a perfect enforcement storm—catching both taxpayers and unprepared accountants in its net. This coordinated action aims to recover a decade's worth of unpaid crypto taxes through rigorous audit campaigns.
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