PANews reported on March 11th that, according to Bitcoin News, the U.S. Internal Revenue Service (IRS) has introduced a new form for cryptocurrency audits, requiringPANews reported on March 11th that, according to Bitcoin News, the U.S. Internal Revenue Service (IRS) has introduced a new form for cryptocurrency audits, requiring
The IRS has introduced a new crypto audit form requiring taxpayers to disclose their complete crypto transaction history.
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PANews reported on March 11th that, according to Bitcoin News, the U.S. Internal Revenue Service (IRS) has introduced a new form for cryptocurrency audits, requiring taxpayers to declare the complete history of the trading platforms and wallets they have used. The form lists over 100 platforms, including Coinbase, Binance, Kraken, FTX, and Mt. Gox, as well as self-custodied wallets such as MetaMask, Ledger, and Trezor. Taxpayers must mark each platform as "yes" or "no" and sign to confirm the accuracy of the information provided; otherwise, they will face penalties for perjury.
This form aims to map a taxpayer's complete crypto footprint across exchanges and wallets, potentially dating back years. Tax professionals warn that the document can carry significant legal risks and recommend consulting a crypto tax lawyer before signing. Omitting platforms used years ago could raise questions, while disclosing too much could attract new leads for investigation.
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