The law office of David W. Klasing has urged crypto market participants who haven’t been filing taxes to come forward and seek assistance before the IRS and the Department of Justice clamp down.
David Klasing courts crypto tax evaders
Citing the April 2021 order by the Department of Justice, in which it authorized the IRS to serve a John Doe summons on Circle Internet Financial, mandating the stablecoin issuer to submit details of its U.S. customers who may have conducted crypto transactions without filing their taxes
The office of David Klasing has urged tax evaders to consult an expert crypto tax attorney before it’s too late.
“As long as you are willing to knock on the government’s door before they knock on yours, you should be able to avoid criminal tax prosecution and an audit, eggshell audit, reverse eggshell audit, or criminal tax investigation.”Office of David W. Klasing
As bitcoin (BTC) and other cryptocurrencies continue to attract adopters globally, authorities across various jurisdictions are now taking crypto taxation more seriously. In the United States, gains made on cryptoassets purchased and held for short periods (less than 12 months) attract between 10 to 37% taxes.
However, the crypto tax rate varies across various jurisdictions. Last April, the Indian government slapped a 30% tax on crypto, and that legislation has effectively crippled the region’s crypto ecosystem.
While jurisdictions like India and others have made life difficult for innovators, forward-thinking nations such as El Salvador, Malta, Germany, Switzerland, and a few others, have zero crypto tax requirements.
In related news, the United Kingdom has implemented tax relief for foreign crypto investors who purchase digital assets via regulated entities within its shores.