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RE: Bitcoin Investment Trust (GBTC) - Not as Simple as Owning a Stock
Hey there, great article, I found it a very interesting read!
You have a great understanding on the matter of crypto taxation; may I ask -
Do you think there will be a greater demand for tax accountants who understand cryptocurrencies moving forward?
In addition, how likely do you think it is for everyday investors to record and report cryptocurrency gains, and if they fail to do so, does the government have any realistic recourse?
Cheers!
Thanks for the thoughtful questions.
It's possible the accountant community will become more educated on crypto issues over time. However, what I really I think will happen sooner is there will be a greater demand (by the IRS) for exchanges to report transactions on 1099-B forms. Many U.S. citizens and even advisors are passively dependent on the Forms 1099 to comply with tax laws.
Tax laws are complex enough without getting into the mess of crypto. I joined this community to provide some general discussion of the topic so people can be educated/aware.
The government has plenty of recourse towards tax evaders and as I understand they are tracking people using Bitcoin. Eventually, some people will most likely go to jail over tax evasion on crypto gains. I can't stress enough the importance of complying with tax law.