The Department of Justice Tax Division, on behalf of the IRS, recently requested judicial authorization for the IRS to issue John Doe Summonses to two cryptocurrency exchanges, Payward Ventures Inc. d/b/a Kraken and Circle Internet Financial Inc. (including Poloniex LLC), with the goal of obtaining taxpayer information relating to certain cryptocurrency transactions. John D. (Don) Fort and Lawrence (Larry) Sannicandro join Eric Green of Green & Sklarz LLC and Tax Rep LLC for this week’s Tax Rep Network podcast. Don, Larry, and Eric discuss the impact of the summonses, assuming they are issued, and what they mean for taxpayers and enforcement. In particular, Don as former Chief of IRS Criminal Tax Division discusses enforcement trends at the IRS, and he and Larry explain the steps taxpayers should take if they have unreported cryptocurrency transactions.
Click here for the Tax Rep Network Podcast – Episode 98 – IRS Focus on Cryptocurrency with John Doe Summonses. The episode is also available for streaming in most podcast apps (iTunes, Spotify, Apple Podcasts, etc.).