In Crack Down On Cryptocurrency Tax Evasion, IRS Hosts D.C. Policy Summit

It has been reported the IRS has invited cryptocurrency companies and advocates to a summit in Washington D.C. on March 3 at its Headquarters. In an attempt to ‘balance taxpayer service with regulatory enforcement’, in a copy of the email invitation obtained by Bloomberg Tax, which first reported the story, the details of the summit will include four 90-minute panels on technology updates, issues for cryptocurrency exchanges, tax return preparation, and regulatory guidance and compliance.

This event is a continuation of how the nation’s tax enforcement authority has been looking to crack down on cryptocurrency tax evaders this tax season. In October, the IRS issued additional guidance on tax treatment of virtual currencies as well as a reminder to taxpayers of reporting obligations.

Virtual currency: IRS issues additional guidance on tax treatment and reminds taxpayers of reporting obligations

Irs

The announcement of the Crypto Tax Summit comes just a week and a half after the Government Accountability Office (GAO) noted how the IRS could do better than both its 2014 and 2019 tax guidance. The GAO noted overall that the ‘…IRS could do more to help taxpayers comply.’ and in its recommendations, also noted the IRS should make it clear that some of its 2019 guidance is not authoritative. The IRS disagreed with this recommendation; however, it did agree with the GAO that reporting obligations are still unclear that may result in virtual currency transactions going unreported.

Virtual Currencies: Additional Information Reporting and Clarified Guidance Could Improve Tax Compliance

Gao

The invitation for the upcoming event noted the panels will ‘share their views and engage with the audience, which will include IRS personnel from across the spectrum of tax administration, and individuals from other bureaus or offices within the Department of Treasury”. No details have as of yet been provided regarding if this event is open to the public or will be broadcast.

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