Discover and read the best of Twitter Threads about #PerjuryTrap
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1/Almost every taxpayer has a financial interest in some form of virtual currency, by the IRS definition.
Meaning, almost everyone should answer YES to this question, even if you don’t own cryptocurrencies.
#cryptotaxes
#perjurytrap
Meaning, almost everyone should answer YES to this question, even if you don’t own cryptocurrencies.
#cryptotaxes
#perjurytrap
2/If you answer the virtual currency question falsely, you could be charged with perjury.
Lawyers call this a “perjury trap.”
Lawyers call this a “perjury trap.”
3/Yet, most observers feel the IRS has not provided adequate guidance for taxpayers to know how to report their cryptocurrency income, especially in light of DeFi innovations.
The Government Accounting Office (GAO) asserted that the IRS could do more to help taxpayers comply.
The Government Accounting Office (GAO) asserted that the IRS could do more to help taxpayers comply.
