Transcript of the above video:

As the title of this video suggests, we are discussing crypto investing, so cryptocurrency, bitcoin things like Ethereum. I am not really going to get into detail exactly which type of crypto we are talking about but just crypto generally.

A recent article from ZeroHedge, that is zerohedge.com, the article is titled: IRS Launches Crackdown to Ensure Crypto Investors Pay Their Taxes. I do happen to know that a lot of the Expat Community is way more exposed to crypto per capita than folks that do not live abroad so I thought this might actually be of use to folks. Again this is zerohedge.com, IRS Launches Crackdown to Ensure Crypto Investors Pay Their Taxes. Quoting directly: "Yesterday's news that the DOJ and IRS are digging into Binance amid whispers about allegations of tax fraud manipulation and AML, (that is Anti-Money Laundering) violations was just the latest indication from the Government that it is taking enforcement of Securities Taxes tied to crypto wealth very seriously. In case that wasn't already clear, Wall Street Journal published a story in its "Tax Report" section with the Federal Tax deadline just days away it May 17th reminding readers that the IRS, under President Joe Biden is coming for your crypto wealth and those that don't cough it up, might be subject to harsh penalties both financial and criminal." Quoting further: "It starts by reminding readers that two IRS investigations to catch crypto tax cheats targeting various exchanges have been launched in recent months." Quoting further: "With these summonses and other actions, the IRS is mounting a full-court press to show taxpayers how seriously it takes cryptocurrency compliance said Don Fort, a former Chief of IRS criminal investigation." 

The reason for bringing this up is I have noticed a lot of things with respect to tax. We haven't done a lot of talk on tax here on this channel recently, most notably because there has been a lot of other things to talk about. The thing that I think I want to convey most in this channel is I hope everybody keeps themselves in compliance, especially with respect to their tax liability, but something to bear in mind moving forward is this Administration seems pretty serious about tax collection. I don't know if it has gone through already but they have at least presumptively or they are proposing budgetary increases for the IRS; substantial ones. In fact the last thing I read said it was like to the tune of like 80 billion dollars so that would be a huge infusion of money into the IRS system that would presumably allow them to upgrade especially with respect to auditing and enforcement. Now how exactly this plays out, when exactly this plays out, all of that is going to be very factually dependent but if anybody has a lot of exposure to cryptocurrency and has made a lot of gains with respect to that, it is probably a good idea to get in compliance if you are not already, sooner rather than later. It is way better strategically; as they say "an ounce of prevention is better than a pound of cure" and in this circumstance I think that no phrase could put it more accurately than what we are dealing with here because if you just let this slide and think that it is going to be all okay, the kind of money and the kind of resources that are being brought to bear inside of IRS I think in the coming years are going to be substantial and so folks that do that may find himself in a really negative position or a disadvantageous position with respect to their relationship with the Internal Revenue Service.