Blockchain Can't Hide Cryptocurrency Revenues from the IRS

Blockchain technology and cryptocurrencies are natural partners, with decentralized control mechanisms and distributed models that emphasize secrecy as much as they offer privacy or security.

For the IRS, secrecy is a problem. More precisely, it’s a missed revenue opportunity. In an effort to collect tax on the booming crypto trade, the agency has already shown a willingness to enforce taxation of crypto trading platforms. How exactly the IRS will do that, however, remains a question only the agency itself can answer. And it hasn’t -- yet. [Read on for more from Sovos General Manager Paul Banker in CPA Practice Advisor.]

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