Crypto tax cheats just might have more to worry about this filing season as a newly confident IRS worked with the Department of Justice on the first standalone criminal charges for crypto tax fraud.
The agency accused Frank Richard Ahlgren III, of Austin, Texas, of underreporting or failing to report the sale of $4 million worth of bitcoin in 2017 and 2019 and substantial capital gains that came from those sales.
It was the first time someone was charged “solely for failing to report or underreporting cryptocurrency earnings and gains on their tax return,” the IRS said by email. ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.