Tax Resolution Attorney John P. Willis Writes About Continuous IRS Efforts To Crack The Identities Of Cryptocurrency Investors
Tax resolution attorney John Willis, CEO, and founder of IRSALLSTAR, alerts investors to the determined efforts the IRS is making to unmask the identities of individual and institutional investors who fail to report cryptocurrency.
Fairhope, AL, August 26 2022: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published an article on his website entitled “IRS Intent On Cracking Kraken Cryptocurrency Investors’ Identities.” Mr. Willis makes it clear that the IRS is not giving up on getting taxes from crypto investors.
Willis states, “The IRS is determined to crack the identities of cryptocurrency investors. They are now on the hunt toward that end with a John Doe summons.” He explains, “A John Doe summons gives the IRS the ability to obtain the names of all taxpayers within a clearly defined group, so long as they receive judicial approval. That’s how the IRS was able to identify 13,000 Coinbase customers back in 2018 and go after individual taxpayers for unreported cryptocurrency.”
According to Willis, “Now Kraken and Circle investors may be revealed since they are the targets of the IRS’s current crackdown efforts. So, if you’re an investor with either Kraken or Circle and you’re starting to feel a little squeamish, well, you better start thinking about how much tax you are likely to owe should they look your way.”
“It sounds like a fun game,” Willis says, adding, “but it isn’t one you want to take lightly when the IRS gets involved. According to one industry journal, the IRS’s initiative to crackdown on cryptocurrency tax evaders is called “Operation Hidden Treasure.” He continues, “The government’s interest is in casting as wide a net as possible to get as much information as possible to feed into its analytics for finding unreported cryptocurrency. They’re searching for treasure chests of any size, small, medium, and large.”
As Willis notes, “Once the IRS got approval for the Coinbase summons, that’s all they needed. The precedent had been established. They used that win when seeking the Kraken summons and now, they cite the Kraken summons approval as support for approving summons for other cryptocurrency firms.” Willis states, “All crypto firms are required to send 1099s to their customers. But, of course, many of those customers fail to report any cryptocurrency on their individual or business tax forms. Thus, the John Doe summons. The IRS will go after individuals and businesses failing to report their cryptocurrency.”
The entire article can be read at: LINK HERE
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 23 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities. The entire blog can be found at http://www.irsallstar.com/blog/irs-tax-controversy-even-death-cant-stop-the-irs.php
To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.