RATE Group | IRS Sending Warning Letters to More Than 10,000 Cryptocurrency Holders
55812
post-template-default,single,single-post,postid-55812,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

IRS Sending Warning Letters to More Than 10,000 Cryptocurrency Holders

26 Jul IRS Sending Warning Letters to More Than 10,000 Cryptocurrency Holders

Posted at 18:06h in Cryptocurrency News by

[ad_1]

In the letters, Tax officials cited penalties for failing to report income and pay tax on transactions involving virtual currencies.


Photo:

Zach Gibson/Getty Images

The Internal Revenue Service has begun sending letters to more than 10,000 cryptocurrency holders, warning about penalties for failing to report income and pay tax on transactions involving virtual currencies.

The agency expects its mailing to be completed by the end of August. It is sending three variations of one letter, depending on the information it has about the recipient.

“Taxpayers should take these letters very seriously. The IRS is expanding efforts involving virtual currency, including increased use of data analytics,” said IRS…

[ad_2]

Source link

Tags:
, , , , , ,