The Coming Crypto Tax Bomb
Crypto taxpayers are in for a rude awakening.
We’re 16+ years into Bitcoin, yet taxpayers and CPAs still pretend that tax guidance remains unclear or even nonexistent. The IRS is gearing up for a historic wave of compliance audits targeting the crypto space, and taxpayers have no idea what they’re in for.
Last year, the IRS issued Revenue Procedure 2024-28, fundamentally changing how crypto should be tracked from a tax perspective. Providing crystal clear guidance, safe harbors for taxpayers to get compliant, and deadlines to migrate by. The rules are clear, the expectations set, with the IRS quietly positioning itself to issue a wave of compliance audits for those still with their head in the sand.
The reckoning is already beginning…
