US Internal Revenue Service (IRS) They announced on Friday that they have begun sending letters to taxpayers who own cryptocurrencies, advising them to pay taxes to review the revised tax return on their holdings. Cancel.
In a newsletter, the agency said it sent what it called “an educational letter” last week. According to the statement, there are three variants of this letter that were sent.
The IRS also said that the letter would be sent to “more than 10,000 taxpayers” by the end of this month, “adding that” the names of these taxpayers will be issued to several IRSs. Compliance was achieved through efforts. ”
RSS Commissioner Chuck Reckittag said in a statement, “Taxpayers are required to review these letters to review their tax returns and, where appropriate, amend previous statements and pay tax, interest and penalties. Serious. “The IRS is expanding our efforts with virtual currency, including increasing the use of data analytics. We are focused on helping law enforcement and taxpayers fully understand and fulfill their responsibilities. ”
In May, it was reported that the IRS has begun working on a new guide to cryptocurrencies since 2014, its first attempt. Many organizations and industry attorneys have asked the agency to update their guidance in recent years. Decides to treat cryptocurrencies as a form of extraordinary property for tax purposes.
On Thursday, a user of the R / Bitcoin subreddit received a letter. Attorney Tyson Cross, who writes for Forbes, is also detailed that many of his clients have been focused on inquiries that have received such a letter from the IRS.