201811.08
0

IRS Rejects Creating a Cryptocurrency Voluntary Disclosure Program

IRS Rejects Creating a Cryptocurrency Voluntary Disclosure Program - Golding & Golding

IRS Rejects Creating a Cryptocurrency Voluntary Disclosure Program – Golding & Golding

IRS Rejects Creating a Cryptocurrency Voluntary Disclosure Program

At a recent symposium in Texas, Mr. Daniel N. Price of the IRS Office of Chief Counsel was apparently the bearer of pretty devastating news (at least if you own cryptocurrency, and are out of compliance).

While there were previously rumblings of a specific Voluntary Disclosure program being developed for Cryptocurrency, Mr. Price shot that rumor down pretty quickly.

As provided by Amy Lee Rosen in an article for Law360, Mr. Price stated the following:

I need to dispel a rumor that actually arose at this conference last year,” Price said.


“Tax Analysts attributed a comment about a potential separate voluntary disclosure program for virtual currencies to a revenue official who spoke at a panel, and that was inappropriately attributed to that government official.


The IRS is not contemplating a separate program related to offshore [virtual] currencies.


Price encouraged taxpayers who might face potential criminal liability for offshore accounts to use the available programs like the streamlined program, voluntary disclosure and delinquent foreign bank account reporting, or FBAR, procedure.


What Does This Mean to You?

It means if you have unreported domestic or offshore cryptocurrency, you should highly consider submitting to one of the approved IRS Disclosure Programs.

Typically, an applicant chooses to enter one of the programs, because either they have:

  • Unreported Income
  • Undisclosed Sales or Exchanges
  • Unreported Reporting of Foreign Accounts/Investments

Golding & Golding, A PLC

We have successfully represented clients in more than 1000 streamlined and voluntary disclosure submissions nationwide, and in over 70-different countries.

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.

International Tax Lawyers - Golding & Golding, A PLC

International Tax Lawyers - Golding & Golding, A PLC

Golding & Golding: Our international tax lawyers practice exclusively in the area of IRS Offshore & Voluntary Disclosure. We represent clients in 70+ different countries. Managing Partner Sean M. Golding is a Board-Certified Tax Law Specialist Attorney (a designation earned by < 1% of attorneys nationwide.). He leads a full-service offshore disclosure & tax law firm. Sean and his team have represented thousands of clients nationwide & worldwide in all aspects of IRS offshore & voluntary disclosure and compliance during his 20-year career as an Attorney.

Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.
International Tax Lawyers - Golding & Golding, A PLC

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