Gordon Law managing attorney and CPA Andrew Gordon joins Wealth! to give insight into the new IRS tax guidance for crypto investors.
Gordon explains that the new broker regulations put into effect a requirement that brokers or crypto exchanges report to taxpayers, investors, and the IRS the individual's cost basis, as well as the sales price and the gain and loss that accompany it.
"I would expect that there will be a massive increase in audits, a massive increase in criminal investigations based on this information, and more attempts to decrease this tax gap and collect more money from crypto investors," Gordon tells Yahoo Finance.
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