Success in life is never guaranteed. Unfortunately, however, taxes almost always are. Coin miners and traders were riding high last year, and many people made a small fortune in cryptocurrencies in a matter of months. Now that tax season is here, however, it’s time to pay the piper.
Evading taxes is tempting, sure. Nobody likes paying their taxes. But failing to do so can land you in serious hot water with the IRS. This is especially true for cryptocurrency investors, who have already caught the attention of the tax agency. Last year, the IRS sued Coinbase seeking information on all active users on the exchange in an effort to collect back taxes.
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