Cryptocurrencies make investors fall into the FINE MESH

At cryptocurrencies have evolved a lot over the last few years, with offers by institutions growing every day. Given this financial/technological advance, the IRS started to keep an eye on these types of transactions, even notifying investors who did not declare their crypto assets correctly.

Read more: Colored Independence Coins: see if you can still buy them!

Data from the Declare Cripto platform show that, between June and July alone, around 30% of its customers began to look for services aimed at regularizing their CPF, which had been blocked by the IRS due to non-compliance with the Earnings Program. Capital.

“We are receiving clients with a blocked CPF, this shows that the Federal Revenue is inspecting investors who have not declared their investments correctly”, clarified Denis Rocho, CEO of Declare Cripto.

What is the IRS fine mesh?

This is the process of analyzing the Income Tax Declaration (IR) by the Federal Revenue, which crosses the information provided by other institutions with the data sent by taxpayers.

If any inconsistency in the information is found, a more detailed verification is carried out, in which the citizen can be called to provide clarification. If it falls into the final loop, the taxpayer is unable to receive the refund.

Remembering that it is common to have issuances by mistake of both the individual and legal entity that made the income reports.

Inconsistent statements in the Income Tax by cryptocurrencies

Approximately 700,000 IR statements, out of a total of 32.9 million sent, were classified as inconsistent, falling into the Federal Revenue fine mesh. The result of this is the emergence of pending issues that, if not resolved, can lead to the CPF blocking.

Thousands of cryptocurrency investors run the risk of having the document blocked, such as Bitcoinfor example, that:

  • They did not carry out the Capital Gains Program (GCAP);
  • They did not correctly declare their cryptocurrencies in the IRPF;
  • Acquired cryptocurrencies on national exchanges and did not declare,
  • They sent these cryptocurrencies to international exchanges and do not report to IN1888/19.

The declaration of cryptocurrencies must be made in the form “Assets and Rights”, more precisely in group 8, called “crypto assets“. In this case, the value that must be informed is the purchase price plus costs, which may include fees and other fees.

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