Nevada Executive Challenges IRS Over $29 Million Tax Bill on Bitcoin Forks

Overview

A Nevada executive, Benjamin Rogovy, is taking a stand against the IRS, claiming that the agency has incorrectly assessed nearly $29.4 million in taxes and penalties related to cryptocurrency forks he asserts he did not benefit from.

The Dispute

In a petition filed with the US Tax Court, Rogovy, along with Carol Castellon Miranda, is contesting the IRS's findings, which include approximately $24.5 million in tax deficiencies and around $5 million in penalties for the tax years 2017 and 2018.

Background

Rogovy, an early Bitcoin investor, acquired various cryptocurrencies, including Dash, through both personal accounts and his now-defunct marketing and consulting business, Velorum Inc., which ceased operations in 2016.

By Tristan Navera, Senior Reporter

For further details, readers are encouraged to check Bloomberg Tax for more insights on the evolving situation regarding cryptocurrency taxation.