Chandan Lodha, the cofounder and CEO of CoinTracker, talks in regards to the 10,000 letters the IRS despatched to cryptocurrency holders final week, what sorts of letters have been despatched, what recipients ought to do relying on what kind of letter they obtained and the way the IRS even knew who to write down to within the first place. Plus, we focus on which kinds of transactions are taxable occasions, the place the tax legal guidelines nonetheless want additional clarification, and which kinds of adjustments he believes needs to be made to tax legislation.
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Episode hyperlinks:
CoinTracker: https://www.cointracker.io/
Chandan Lodha: https://cellular.twitter.com/cglodha
IRS sending letters to 10,000 crypto holders:
https://www.wsj.com/articles/irs-sending-warning-letters-to-more-than-10-000-cryptocurrency-holders-11564159523
https://weblog.cointracker.io/irs-sends-letter-6173-6174-6174-a-cryptocurrency-warnings-what-to-do/
https://www.forbes.com/websites/kellyphillipserb/2019/07/26/irs-sending-warning-letters-to-more-than-10000-taxpayers-about-cryptocurrency-reporting/#553158e35d3b
IRS press launch: https://www.irs.gov/newsroom/irs-has-begun-sending-letters-to-virtual-currency-owners-advising-them-to-pay-back-taxes-file-amended-returns-part-of-agencys-larger-efforts
CoinTracker information to submitting crypto taxes: https://www.cointracker.io/bitcoin-taxes
