What Crypto Holders Can Learn From Early-2000s Tax Scandal – Law360

Law360 (June 17, 2021, 6:42 PM EDT) — The Internal Revenue Service has not been shy about its concern for tax compliance related to cryptocurrency. The U.S. Department of the Treasury has indicated that cryptocurrency is a current focus of IRS compliance.[1]

In that effort, the IRS recently issued several John Doe summonses to various cryptocurrency exchanges. For taxpayers and their attorneys that were involved in the Swiss bank account conundrum, the actions of the IRS are eerily reminiscent.

In the early 2000s, many U.S. taxpayers placed their financial assets in foreign offshore accounts, Swiss bank accounts becoming particularly popular. Many of those taxpayers utilized these foreign banks as…

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