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Under federal tax law, any time a U.S. taxpayer sells, trades or exchanges cryptocurrency for goods or services, this transaction is a taxable event. The taxpayer realizes either gain or loss on the transaction, and the taxpayer has an obligation to report this gain or loss to the Internal Revenue Service (IRS). Many cryptocurrency investors have fallen short of meeting this obligation in recent years—and many have found themselves in need of a Washington D.C. tax attorney as a result.Read More

Now that tax season is here, many first-time cryptocurrency investors are finding themselves struggling to understand the tax implications of their crypto transactions. Many experienced investors are facing these same struggles as well. If you invested in cryptocurrency in 2021 or prior years, you need to make sure you understand your tax obligations, and you need to meet these obligations if you want to avoid scrutiny from the Internal Revenue Service (IRS). In this article, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, answers some common questions about cryptocurrency investors’ tax obligations.Read More

Cryptocurrency enforcement has become a major priority for the Internal Revenue Service’s Criminal Investigations Division (IRS CI). The division seized $3.5 billion in cryptocurrency in 2021, which accounted for 93 percent of all seizures for the year. Although IRS CI is targeting individuals and organizations for tax crimes in some of these cases, it is pursuing other charges as well. Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.Read More