If there's only a 1% chance of being audited, why not just risk it? The IRS doesn't seem to know exactly what to do anyway. We might also be paying more that we should. EDIT: Sorry if I wasn't specific. This question is for crypto. I posted in Crypto topic afterall.
As a google employee, you don’t have the luxury of evading taxes. Your taxes are deducted for you.
Lol dishonest.
I second the opinions above. Plus stolen money is always looking for ways to slip away. Call it karma or God's will
Very easy for IRS to match your W2 expected taxes to your tax declaration.
I'm talking specific about crypto, don't think it's reported to IRS
Are you talking about crypto specifically here?
YES!
That 1% number is misleading because the IRS does not audit randomly. If there is a discrepancy between your return and numbers reported to the IRS by your employer, bank, or broker, you'll automatically be flagged. If you have sources of income that can't be cross checked then your probability of being audited goes up significantly.
Ok, what if I do everything reported by employer, bank, brokerage in order? Why should I report the gain on my ETH/BTC exchange, for example?
In this age of big data and advanced mining techniques it surprises me that you think the IRS just does random audits pulling the ‘lucky’ numbers out of a bowl. This is kind of like saying only 5% people get traffic tickets so it should be fine to not follow traffic rules
Go ahead and try it and lemme know how it goes
Trump paid zero taxes for years. What’s the method?
You can claim large losses in real estate
Lose a massive amount of money due to incompetence
I call it my "stay out of trouble" money. The risk is not worth it. And it's plain dishonest and also unfair towards others who pay taxes.