The following is a very high-level discussion from the National Law Review of the consequences generally applicable to U.S. individual holders of cryptocurrencies, and will not be applicable to all taxpayers depending on their particular situation. Failure to follow these rules will without a doubt result in future criminal and civil action by the IRS against those taxpayers that ignore these rules. Best to amend past returns which did not take into account these rules and come forward before the IRS takes action. Contact us if you need help.The IRS always treats those that come forward first to correct past mistakes, better than if they discover the taxpayer'ś error first. READ MORE ABOUT CRYPTO CURRENCY RULES HERE
