RATE Group | IRS Cracking Down on People Who Didn’t Pay Taxes on Bitcoin Earnings
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IRS Cracking Down on People Who Didn’t Pay Taxes on Bitcoin Earnings

29 Jul IRS Cracking Down on People Who Didn’t Pay Taxes on Bitcoin Earnings

Posted at 05:13h in Cryptocurrency News by

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If you’ve been trading Bitcoin and haven’t been reporting your earnings to the IRS, you might be getting a surprise in your mailbox.

The IRS is cracking down on cryptocurrency traders who didn’t report their earnings on their taxes. By the end of next month, around 10,000 people are expected to get letters from the IRS asking them to pay back taxes on unreported earnings from cryptocurrency trading, Engadget reports.

Last year the IRS launched a “Virtual Currency Compliance campaign” to address noncompliance related to the use of virtual currency.

“U.S. persons are subject to tax on worldwide income from all sources including transactions involving virtual currency. IRS Notice 2014-21 states that virtual currency is property for federal tax purposes and provides information on the U.S. federal tax implications of convertible virtual currency transactions,” reads the announcement. “The Virtual Currency Compliance campaign will address noncompliance related to the use…

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