Attention all US-based crypto traders! The IRS knows that approximately 75% of crypto traders need to report their crypto income on their tax returns. The IRS is using a new technique that we call "portfolio reconstruction" to identify underreported income.

Additionally, they are using AI and machine learning tools to go after those who fail to report their income. Failing to report your crypto income can lead to severe consequences, including hefty fines, imprisonment, and long-lasting damage to your reputation.

Watch this video now to understand why it's crucial to report all crypto income accurately to the IRS.

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Disclaimer

All opinions expressed by the show's host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit—research legal, tax, and financial guidance and advice as needed.