Expatriation Tax Next On IRS Crypto Enforcement List
Law360 (October 28, 2019, 1:55 PM EDT) -- Individuals who, over the past decade, amassed a small fortune in virtual currencies or other assets, who then expatriated from the United States without subjecting those assets to the expatriation tax, may feel like they have successfully flown under the radar of IRS’ civil and criminal tax enforcement.
Recent IRS enforcement initiatives, however, including the IRS’ 2019 expatriate compliance campaign and its 2018 virtual currency compliance campaign, suggest that the IRS has not been idle and is now publicly and officially on the hunt.
Although a wait-and-see approach might have sufficed in the past, now, more than ever, potentially noncompliant expatriates...
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