Bloomberg Tax
Aug. 9, 2019, 8:45 AM

Don’t Avoid the IRS’s Cryptocurrency Letters, Tax Advisers Warn

Allyson Versprille
Allyson Versprille

Individuals who received letters from the IRS recently should heed the agency’s warnings about reporting their cryptocurrency assets.

Failure to take the letters seriously could mean big penalties down the road, said Evan Fox, practice leader in the Digital Asset Advisory Services group at Berdon LLP in New York. “The IRS likely after this will not be lenient if they happen to catch people.”

The agency in July began sending letters to more than 10,000 cryptocurrency users suspected of failing to report or misreporting their digital assets. The letters warn of potential civil or criminal enforcement action if ...

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