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

We Specialize in Safely Disclosing Foreign Money

To avoid the IRS obtaining your information from one of these countries/institutions before you have the chance to disclose, you may want to consider getting into compliance with IRS Offshore/Voluntary Disclosure.

We have successfully handled a diverse range of IRS Voluntary Disclosure and International Tax Investigation/Examination cases involving FBAR, FATCA, and high-stakes matters for clients around the globe (In over 65 countries!)

Whether it is a simple or complex case, safely getting clients into compliance is our passion, and we take it very seriously.

What Should You Do?

Everyone makes mistakes. If at some point that you should have been reporting your foreign income, accounts, assets or investments the prudent and least costly (but most effective) method for getting compliance is through one of the approved IRS offshore voluntary disclosure program.

4 Types of IRS Voluntary Disclosure Programs

There are typically four types of IRS Voluntary Disclosure programs, and they include:

Contact Us Today; Let us Help You.

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, JD, LL.M., EA and his team have represented thousands of clients in all aspects of IRS offshore disclosure and compliance during his 20-year career as an Attorney. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo and various Law Journals nationwide.

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, and has also earned the prestigious Enrolled Agent credential. Mr. Golding is also a Board Certified Tax Law Specialist Attorney (A designation earned by Less than 1% of Attorneys nationwide.)
International Tax Lawyers - Golding & Golding, A PLC