From last few months, it has been found that investors are not paying their currency taxes on profits. According to report, only .04% of tax filers have reported their loss and profits of crypto currency to Internal Revenue Service this year. The official team said that the gains of investments in crypto currency results to tax liability, which is avoided by the investors now. The Central Board of Direct tax already confirmed 100,000 notices, which have, send to the resident of Investors for non-paying of taxes or included their investments on the Tax return.
The notice copies are sending to the Law department also across the country to ensure that investors are aware of their Tax liabilities or not. It has also found that after a national survey, almost 3.5 billion dollar crypto currency has traded within a 17-month period. If someone has failed to submit the taxes within the given period then the investors are not able to invest money in crypto currency on further. Therefore, it is a warning to the high profile Bitcoin investors to comply with the rules of IRS and trade in a proper way from further.
As till today, maximum number of Investors are not paying the taxes of crypto currency then it can be said that they are not aware of it. Therefore, the Tax department and law enforcement units from across the country are trying to aware those investors about this terms and policy. Thus, for this time they are giving the time to pay the taxes to the department by the investors. However, after that, there will be no time given to the leading investors for warning them to pay the Taxes to Govt. against the profits. From now, it will be the headache of Investors to remain aware of their tax liabilities.
