Mitigating IRS Cryptocurrency Enforcement Risk In 2021

Law360 (January 3, 2021, 12:02 AM EST) -- A high-stakes game of chicken moves to the next level in 2021. Over the past several years, the Internal Revenue Service has repeatedly warned that taxpayers who violate the law while using virtual currency — including cryptocurrency — will be pursued for civil and, potentially, criminal penalties.

To some, the warnings seem to be all smoke and mirrors: Other than a few high-profile prosecutions and forfeiture actions for especially egregious alleged violations of the tax and money laundering laws, the IRS has yet to announce many mainstream tax evasion or money-laundering cases involving virtual currency. Rather, the IRS appears to be focusing...

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