Crypto IRS Audits: Hire Professionals or Do it Yourself?
Robert W. Wood's original article for cointelegraph.com reduced by 43%
The IRS has said that virtual currency is an ongoing focus area for IRS criminal investigations, following its announcement on a Virtual Currency Compliance campaign to address tax noncompliance related to the use of virtual currency through outreach and audits. For some time now, the IRS has been hunting crypto user identities with software too. The IRS keeps stressing noncompliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.
The IRS says it identified these targets through various IRS compliance efforts. Many people are surprised to learn that the vast majority of IRS criminal tax cases arise because of so-called "Referrals" from the civil division of the IRS. It happens from plain civil audits and civil IRS collection activity.
Getting professional help vs. DIY. To return to more normal tax audits and notices, if the IRS audits you or has begun sending you notices and so on, should you handle it yourself or get professional help? The answer can vary, but getting help is often the wiser path.
The IRS may ask you about things you don't want to answer, but not answering is awkward if you are handling it yourself.
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