RATE Group | IRS Ramping Up Efforts to Audit Cryptocurrency Traders and Holders
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IRS Ramping Up Efforts to Audit Cryptocurrency Traders and Holders

26 Oct IRS Ramping Up Efforts to Audit Cryptocurrency Traders and Holders

Posted at 02:45h in Cryptocurrency News by

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A source within the Internal Revenue Service (IRS) has apparently confirmed the tax collection agency plans to send out a new batch of audit notices. The notices will be a follow-up to the 10,000 letters sent out in August.

The IRS is increasingly focusing on the cryptocurrency industry and a new round of audits may soon be upon us. Many Americans were unsure what to expect when the agency sent out 10,000 or so letters in August. Now, there have been multiple reports that the IRS is further intensifying its investigations into big-time cryptocurrency traders.


A few days ago, BeInCrypto reported that a new checkbox has appeared on 1040 form requiring individuals to disclose whether they received, sent, or exchanged any cryptocurrency since 2013. The IRS confirmed as well, that failure to answer this question honestly would have criminal repercussions. Naturally, many were shocked because not only did it target traders, but holders seemed to also be at risk.

IRS 1040

IRS Sending Audit Notices to…

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