IRS Clarifies How Clients Should Report Income From Crypto Currency

Partner Mark DiMichael spoke with Financial Advisor's Jeff Stimpson about the IRS requiring clients to report their bitcoin and other virtual currencies better. They are requiring taxpayers to track their crypto transactions and released guidance on how they're expected to report income. 

"Other cryptocurrency IRS documents include the CP2000, which the IRS sends when its information doesn’t match the information that a taxpayer reported. Other recent IRS correspondence takes holders of cryptocurrency through levels of the agency’s suspicions about their reported income."