Are Bitcoin Tax Records Ever Optional With IRS? Expert Blog

Read more on this subject: Internal Revenue Service
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Cryptocurrency may be a new topic for the IRS and taxpayers to tackle but tax records are certainly not a new issue. Since the dawn of the income tax, some taxpayers have struggled with this, and the IRS knows it. At tax time, many taxpayers find themselves scrambling for receipts, looking in file folders and drawers.

These days, much of the looking is in computer files and with online services that you hope will still have the records you need. In fact, with large numbers of people placing increasing reliance on cloud services and similar types of records, the records problem today can actually be acuter than it was decades ago. There is much talk today about IRS investigations, enforcement and audits.

Yet when you come right down to it, our income tax system is largely one of self-assessment. We mostly do our own reporting, starting with self-reporting on our own tax returns. That is where it all begins, and to self-report, you need records. Besides, you need to be able to back
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