Wednesday, February 19, 2020

SURVEY: 46% of Crypto Holders are Tax Evaders

BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.

Because Tax Day is fast approaching, tax payers’ apprehension is already tangible. For cryptocurrency holders who don’t report their earnings from cryptocurrency, this level of apprehension is most likely higher than the average tax payer.

Recently, the Internal Revenue Service has made it clear that they will be focusing more on people who do not report their cryptocurrency earnings on their taxes. Despite this and other previous warnings, a high percentage  of American crypto holders are willing to take the risk, a survey shows.

The survey, conducted by TeamBlind, interviewed 2,600 respondents who had said that they earned money through cryptocurrency in the past year. They were specifically asked if they reported their earnings on their taxes. The survey ran from April 5, 2018 to April 12, 2018 and the results had shown that 46% of the respondents answered ‘NO’.

In relation to this, previous researches and surveys had been conducted regarding cryptocurrency holders and their tax records on the earlier part of this year. One of these is a survey done by research firm Qualtrics which revealed that more than half (57%) of 2000 people gained a certain amount from cryptocurrencies throughout 2017. Meanwhile, a report from tax firm Credit Karma shows that less than 1 in 250 people report their gains or losses from cryptocurrency in their tax forms.

So what actually happens if I don’t pay my taxes on cryptocurrency?

Should you decide not to declare your profit from crypto, and the IRS discovers, you will be subjected to Tax Evasion. This means you may be in prison for up to 5 years and may be fined for up to $250,000. For a more detailed discussion regarding this, you can read the IRS-issued warning here.

Latest News

CVB Financial Corp. Announces Appointment of David A. Brager as new CEO Effective March 16, 2020

David A. Brager, Executive Vice President & Sales Division Manager, will succeed Christopher D. Myers, who is scheduled to...

Nigeria Leads Other African Countries in Regards to Crypto Adoption

Several countries around the world have embraced Bitcoin with open arms, likewise, the "Giant of Africa", Nigeria. Recent data shows that the West African...

How Bank of America’s Partnership with RippleNet could Optimize Cross-Border Payments

Key Points Bank of America to speed up its cross-border payments using RippleNet. The maiden stage of the service will apply only to America...

Europeans Launch First POS Terminal with Bitcoin Payment Option

Ingenico, a French-based payment services company and Salamantex, an Austrian Fintech company have collaborated to launch a point-of-sale (POS) terminal. This POS terminal is...

Bitcoin Thriving In Coronavirus Crisis, Is It All Related?

On the 31st of December 2019, the day the deadly Coronavirus disease (COVD-19) was first identified in China, Bitcoin price value stood at $7251.95. Today, Thursday 19th of February, 2020, Bitcoin price value currently rests above $10,100.
- Advertisement -