Hi Friends,
News came out today that the IRS plans to extend the filing deadline (including amounts due) from the normal 4/15 date for an extra month, which turns out to be 5/17 this year.
More info will be coming out, but the IRS has been busy these days working on 3 rounds of stimulus and dealing with the pandemic. While audits of peoples tax returns may be down, I can say with certainty that IRS audits of crypto holders will continue to go up as the IRS sees that as an area of huge noncompliance and underreporting. Asking people to answer "did you have any cryptocurrency transactions during the year" on the first page of the tax return is telling.
Personally, I usually wait to file my tax returns until the last week possible, so I get to kick my feet up for an extra month! And to the IRS lurking on my blog - I always have reporting my crypto transactions!
Thanks for coming by,
Brian
