Crypto Users May Face IRS Action Even if They Didn’t Get Letter

Nov. 10, 2020, 9:10 PM

Cryptocurrency users who haven’t received warning letters from the IRS aren’t necessarily off the hook, an agency official said.

The IRS since last summer has sent letters to thousands of taxpayers who may have failed to report income and pay the resulting tax from their virtual currency transactions. The letters were part of a compliance campaign headed by the agency’s Large Business and International Division, according to Gloria Sullivan, director of the Western Compliance Practice Area.

  • But other divisions of the agency are also focused on cryptocurrency compliance and are cracking down on tax evasion in that area, ...

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