STEVEN TOSCHER quoted in Tax Notes “Cryptocurrency Customer Compliance” by Lee A. Sheppard
Cryptocurrency is an East Coast versus West Coast problem. On the West Coast, proponents believe they’re creating a brave new world, connecting people, enabling the unbanked, with their vague good intentions marred by a belief
that Washington’s rules don’t apply to them. On the East Coast, business and government are controlled by financiers, and there are rules. Cryptocurrency is a financial instrument, and the East Coast is going to shoehorn it into their rules.
Steven Toscher of Hochman Salkin Toscher Perez PC advises crypto holders to take their soft letters from the IRS very seriously. “In my experience, many clients who received a letter may have already made a good-faith effort to
report their taxable transactions,” he said. “For others, a letter is a good reminder to consider corrective action, such as filing amended returns or utilizing the more formalized voluntary disclosure.” He advises clients to file amended
returns on which they pay all taxes and interest due.
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