IRS Has Brought in More Than $20 Million From Crypto Enforcement

The IRS has pulled in more than $20 million in revenue from recent initiatives to enforce taxes on cryptocurrency transactions, an agency official said Thursday.

The agency made about $13 million in tax assessments based on returns amended after it sent warning letters to more than 10,000 cryptocurrency holders in July 2019, said Carolyn Schenck, national fraud counsel in the IRS Office of Chief Counsel. In addition, new reporting requirements have garnered about $11 million, she said at a virtual conference hosted by the American Bar Association’s tax section.

• The IRS has been ramping up enforcement of the ...