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Category: Unreported Income

What Will Happen If I Fail to Report Bitcoin Income?

Unreported bitcoin income

The IRS can assess back taxes, interest, and penalties for the failure to report Bitcoin Income.  The IRS has made Bitcoin tax compliance a priority as part of its Virtual Currency Compliance campaign.

What to do if You Have Unreported Bitcoin Income

Unreported Bitcoin Income

You may need to amend your tax returns and pay additional taxes, penalties, and interest if you have previously unreported Bitcoin income.  If you fail to take action, the IRS may audit your returns as part of its Virtual Currency Compliance campaign.