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CoinTracker is a portfolio assistant for cryptocurrency that enables consumers and businesses to track their cryptocurrency portfolio, investment performance, taxes, and more seamlessly.
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Bloomberg: A large number of U.S. cryptocurrency investors may have failed to disclose their assets to the IRS.
According to Bloomberg, a new report indicates that many U.S. cryptocurrency investors may have failed to report their digital asset holdings to the Internal Revenue Service (IRS). Tyler Menzer, an assistant professor at Texas Christian University, and his co-authors analyzed anonymized IRS tax data and found that between 2013 and 2021, only 6.5% of taxpayers reported cryptocurrency sales—despite surveys from the same period indicating that 12% to 21% of U.S. adults had held cryptocurrency. The analysis suggests that some investors’ failure to accurately report cryptocurrency-related income and transactions may result in tax revenue losses. The study also found that cryptocurrency holders are more likely to hold meme tokens, tend to be younger and have lower incomes, and exhibit trading behaviors markedly different from those of traditional stock investors. CoinTracker data shows that for the 2025 tax year, cryptocurrency investors on average need to report 836 transactions; short-term holdings yield an average loss of $636, while long-term holdings generate an average gain of $2,692.
IRS Strengthens Cryptocurrency Tax Enforcement as Filing Deadline Approaches
According to DL News, the U.S. Internal Revenue Service (IRS) is intensifying its crackdown on cryptocurrency-related tax evasion, with particular focus on new reporting requirements for the 2025 tax year. The IRS’s Criminal Investigation Division has prioritized cryptocurrency tax cases, and investors must proactively report relevant transactions before the April 15 tax-filing deadline. Starting in 2025, Form 1099-DA—introduced for the first time—requires brokers to report investors’ total digital asset transaction proceeds to both investors and the IRS; however, investors themselves must calculate and verify their cost basis. Reports from Coinbase and CoinTracker indicate that approximately 61% of U.S. cryptocurrency investors are unaware of the new rules, and 52% fear penalties resulting from filing errors. Experts advise investors to gather all transaction records and file accurate returns to avoid criminal penalties, including fines of up to $100,000 and imprisonment for up to five years.
Related news
Bloomberg: A large number of U.S. cryptocurrency investors may have failed to disclose their assets to the IRS.
According to Bloomberg, a new report indicates that many U.S. cryptocurrency investors may have failed to report their digital asset holdings to the Internal Revenue Service (IRS). Tyler Menzer, an assistant professor at Texas Christian University, and his co-authors analyzed anonymized IRS tax data and found that between 2013 and 2021, only 6.5% of taxpayers reported cryptocurrency sales—despite surveys from the same period indicating that 12% to 21% of U.S. adults had held cryptocurrency. The analysis suggests that some investors’ failure to accurately report cryptocurrency-related income and transactions may result in tax revenue losses. The study also found that cryptocurrency holders are more likely to hold meme tokens, tend to be younger and have lower incomes, and exhibit trading behaviors markedly different from those of traditional stock investors. CoinTracker data shows that for the 2025 tax year, cryptocurrency investors on average need to report 836 transactions; short-term holdings yield an average loss of $636, while long-term holdings generate an average gain of $2,692.
IRS Strengthens Cryptocurrency Tax Enforcement as Filing Deadline Approaches
According to DL News, the U.S. Internal Revenue Service (IRS) is intensifying its crackdown on cryptocurrency-related tax evasion, with particular focus on new reporting requirements for the 2025 tax year. The IRS’s Criminal Investigation Division has prioritized cryptocurrency tax cases, and investors must proactively report relevant transactions before the April 15 tax-filing deadline. Starting in 2025, Form 1099-DA—introduced for the first time—requires brokers to report investors’ total digital asset transaction proceeds to both investors and the IRS; however, investors themselves must calculate and verify their cost basis. Reports from Coinbase and CoinTracker indicate that approximately 61% of U.S. cryptocurrency investors are unaware of the new rules, and 52% fear penalties resulting from filing errors. Experts advise investors to gather all transaction records and file accurate returns to avoid criminal penalties, including fines of up to $100,000 and imprisonment for up to five years.