learforall

Guy A: Bro I finally hit it. Closed the year with a clean $1,000,000 profit from trading $IRYS , $ZEC and $PEPE . Guy B: Congrats man… now when are you reporting it? Guy A: Reporting what? Guy B: The million dollars. IRS. Guy A: Come on, it’s crypto. They don’t really— Guy B: They do. Especially now. That profit is taxable. Short-term or long-term, doesn’t matter. You made it, you owe on it. Guy A: So what, I'll just send them a check for bottle of beer😁? Guy B: Pretty much. Or you keep quiet and hope they never notice. But with 1099-DAs rolling in and the new voluntary disclosure program dropping before December… the “hope they never notice” plan is getting expensive. Guy A: …You’re serious. Guy B: Dead serious. You either report the million and sleep at night, or you wait until they find it and the conversation gets a lot more expensive. Quick context: The IRS is updating its voluntary disclosure program before December,lower penalties and cases resolved in about 120 days. Crypto profits are treated the same as any other income. If you made serious money and didn’t report it, coming forward now is cheaper than waiting for them to find you. #IRSPlansLowerTaxDisclosurePenaltiesForCryptoCases