RATE Group | IRS warns consumers that income from cryptocurrencies must be reported
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IRS warns consumers that income from cryptocurrencies must be reported

29 Jul IRS warns consumers that income from cryptocurrencies must be reported

Posted at 18:27h in Cryptocurrency News by

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PhotoThroughout the month of August, the IRS will be sending out warning letters to roughly 10,000 taxpayers reminding them that earnings from cryptocurrency trades must be reported in federal tax filings.

The agency said it found the names of taxpayers known to have a cryptocurrency trading account “through various ongoing IRS compliance efforts.” 

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” IRS Commissioner Chuck Rettig said in a press release about the letters. 

“The IRS is expanding our efforts involving virtual currency, including increased use of data analytics,” Rettig added. “We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

Enhancing compliance efforts 

Cryptocurrency investors who receive a letter aren’t necessarily slated to be audited; the letters mainly serve as a reminder to pay taxes on…

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