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Crypto Investors Likely Paying Less Than Half Taxes They Owe (1)

May 12, 2022, 11:48 AM

Cryptocurrency investors are collectively not paying the IRS at least half of the taxes they owe on their virtual-currency trades, according to new analysis from Barclays Plc.

A research note by Joseph Abate, a managing director at Barclays, paints a picture of an exploding new industry that the Internal Revenue Service is struggling to hold to account.

The U.S. tax agency hasn’t released any recent estimate of its own on the difference between the levies owed and those paid on a self-reported basis. So Abate, a veteran analyst of money markets and Treasury Department funding, extrapolated from a 2017 ...