With tax season in full swing, partner Sarah-Jane Morin discusses with Barron’s how investment companies and those being labeled as crypto brokers under the current Treasury Department definition are having a hard time complying with the transaction reporting requirements.
A sharp rise in crypto activity is a likely trove of underreported gains and income, but not necessarily due to willful noncompliance, says Sarah-Jane. “There’s a lot of confusion,” she adds. “A lot of people are surprised to learn that when you trade one cryptocurrency for another, that’s a taxable event.”
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