States Leave Big Bucks on the Table by Ignoring Cryptocurrency

The week in state tax news: US taxpayers hold roughly $468 billion in cryptocurrency assets, but the states are collecting very little tax revenue from those billions. One tax compliance firm is offering some advice on solving the crypto collection problem. Meanwhile, controversial tax-sharing agreements benefiting tech giant Apple could be addressed in the California Legislature.

Imagine the Missouri Department of Revenue receives a tip indicating 736,000 residents hold secret accounts in Bermuda, loaded with cash, securities, and bonds worth $8.7 billion. Wouldn’t it be worthwhile for the department to put a few auditors on a flight to ...