IRS & CRA are Actively Looking for Cryptocurrency Traders and Investors

New york, USA - Avgust 22, 2017: Male hand holding Bitcoin in front of cryptocurrency invest chart.

In late July the IRS sent letters to 10,000 owners of cryptocurrencies advising them of their tax obligations.  In the second week of August, the IRS sent a second round of letters to known users of certain cryptocurrency exchanges.  In some cases, the letters sent in July and August come with ...

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Canada’s Tax Gap: Up To $11B In Taxes Avoided In The Year 2014

Papers about tax evasion on a desk. Tax avoidance concept.

In a recent news release (June 2019) Canada Revenue Agency commented on something they refer to as a “tax gap”. According to CRA, the gap is the amount of unpaid income tax.  The recent report focuses on the 2014 tax year and their estimate that between $9.4 billion and $11.4 billion is owed to ...

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