IRS Tax Warnings on Ethereum’s Fifth Anniversary
Cointelegraph
Published Aug 05, 2020 11:23AM ET
Updated Aug 05, 2020 01:00PM ET
As important as Ethereum has become, even eclipsing Bitcoin (BTC) in some circles, it is no wonder that its fifth birthday has prompted comments — some prophetic, others nostalgic. Few, however, will mark the occasion by thinking about taxes, but that could be shortsighted. The last five years have seen near-tectonic shifts in how investors, exchanges and government agencies see cryptocurrencies.
The Internal Revenue Service, or IRS, is at the top of the heap when it comes to tax enforcement. This is plainly true in the United States, and it is increasingly true worldwide, too. In 2008, the IRS and Department of Justice broke the back of Swiss banking. Over 50,000 Americans rushed to disclose their offshore accounts, paying billions in taxes and penalties while the U.S. secured numerous criminal convictions and huge fines from Swiss and other foreign banks.
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Written By: Cointelegraph
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