Bloomberg: Many US crypto investors fail to report gains to IRS

A significant number of U.S. cryptocurrency investors are failing to properly report profits from asset sales to the IRS, Bloomberg reported. Many are leveraging the anonymity and complexity of crypto transactions to evade taxes, which is creating a shortfall in national tax revenue. While the IRS is modernizing its reporting system to close this tax gap, many investors are either unaware of the new regulations or are intentionally avoiding them. The outlet added that the IRS is expected to significantly strengthen tax audits targeting both exchanges and investors in the future.