As a result of the IRS campaign against cryptocurrency tax noncompliance, it has received more than 1,000 amended tax returns, collected $13 million in taxes from crypto holders with more than $20,000 of transactions, and collected another $12 million from other crypto notices. Moreover, the Treasury Department has recently released the “American Families Plan Tax Compliance Agenda,” which proposes a new financial institution reporting regime. In this reporting regime, all financial institutions, including foreign financial institutions, crypto asset exchanges, and custodians, must report gross inflows and outflows on all business and personal accounts to the IRS. Some of the IRS published guidance on cryptocurrency to be aware of are IRS Notice 2014-21 (the proper characterization of cryptocurrency as property) and IRS Revenue Ruling 2019-24 (the taxation of hard forks and air drops).