An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure & Administration, explained Wednesday that the agency can seize cryptocurrencies from taxpayers, Bloomberg reported. This clarification was made at a virtual conference hosted by the American Bar Association’s tax section. He referenced the IRS notice published back in 2014 which states that “For federal tax purposes, virtual…
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IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns was first posted on May 14, 2021 at 5:03 pm.
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