IRS said it will issue guidance for crypto taxation this year. “IRS knows what’s going on” said one of the popular IRS’s agents recently. Binance is restricting US residents from trading on its platform starting this September. Only last year, IRS was successful in issuing summons to Coinbase.

A recently leaked IRS Cyber Crimes training document outlined how far IRS is ready to go to tackle the problem of ‘virtual currency trading’ and ‘transfer of wealth from fiat to bitcoin’.



It doesn’t take a genius to sense that something is brewing on the tax and FinCEN front, at least in the US.

Einstein is quoted to have talked about two certainties in life: death and taxes. Not everyone believes that Governments have the right to tax.

The percentage of these anarchists is higher in the crypto space. Some may have even gotten into crypto space to amass wealth without declaring anything.

We at CryptoTapas have been calling people to action to never hide anything. If you don’t like to pay taxes, move to a country where there are no taxes and see how you like it there.

Ominous signs of impending action are already in the air



IRS is now getting ready to send out 10,000 letters to individuals with virtual currency transactions.

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig.

Gary Alford, the guy who helped solve Silk Road case said in a recent interview with Forbes that IRS was well aware of what was going on. In his own words, “We’re usually behind the curve — history is made and then we react to it. But in this case, we are ahead of the curve. We were there on ground zero, and we were waiting for the rest of the world to catch up to what we already knew… We already are aware that there were cases to be made, we just didn’t know if we were at the point where we can bring it for criminal prosecution. We believe we are at that point now. If we had 12 jurors and told them someone made all their money in bitcoin, we believe that they would understand.”

Binance announced that it will stop serving US residents starting September of 2019. This may be a move to avoid US’s legal reach on the basis of Americans trading on its platform. We are not sure if this strategy will shield Binance from the US probes.