The IRS has the option to charge you with civil tax fraud. It can also conduct a criminal investigation and turn your case over to the DOJ for prosecution. The agency maintains the discretion about which course of action to…
United States citizens are legally responsible to pay taxes on income that they earn worldwide, including from overseas. They must report this income on their tax return each year. There may be serious penalties for not reporting overseas income as…
Since cryptocurrencies are still relatively new, the rules that govern tax reporting of your transactions and gains or losses are in flux. Nevertheless, you must comply with all of the current rules, as you are tasked with understanding regulations before…