Tax Amnesty Needed

Clinton discusses the issue of tax non-compliance among US crypto investors. Despite the IRS Commissioner's announcement that the IRS could bring in another $1 trillion if given additional funding, there are many crypto investors who haven't paid taxes on their crypto income, leading to a $46 billion increase in funding for digital asset enforcement. This problem is most prevalent among taxpayers aged 18 to 44. The cause of this epidemic of non-compliance is mainly ignorance and confusion. Non-compliance can lead to severe fines or criminal prosecution, so it's essential to address the issue now as the IRS is collecting data on taxpayers from 2016 onward. Clinton proposes a tax amnesty to heal this rift and increase tax compliance.

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📣 Host: Clinton Donnelly

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Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification.

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🐋 Sponsor: CryptoTaxAudit

CryptoTaxAudit, the crypto tax and IRS audit experts, sponsored this episode.

Founded in 2015, CryptoTaxAudit is a full-service tax preparation, crypto calculation, and audit defense company. Clinton Donnelly founded the company and currently serves as its president. Clinton has assembled an experienced team of crypto tax experts, including CPAs, enrolled agents, forensic accountants, and gain calculation analysts. The company’s crypto experts deliver personalized services to help clients get into compliance, develop their tax strategies, and receive professional representation before the IRS.

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