Bloomberg Tax
March 2, 2022, 8:06 PM

IRS Has Sent 10,000 Letters on Taxpayer Digital Assets

David Hood
David Hood

The Internal Revenue Service has sent some 10,000 letters to taxpayers engaged in digital asset transactions since it required taxpayers to report ownership in 2020, an agency official said Wednesday.

If taxpayers receive such a letter, they shouldn’t ignore it, said Carolyn Schenck, national fraud counsel of the IRS Fraud Enforcement Program. “You are now on notice that the IRS knows about your digital assets,” Schenk said during a webinar. The agency’s criminal investigation division has robust tools to track if taxpayers hold, sell, or buy digital assets such as Bitcoin, she said.

  • The agency has included a question about ...

Learn more about Bloomberg Tax or Log In to keep reading:

Learn About Bloomberg Tax

From research to software to news, find what you need to stay ahead.

Already a subscriber?

Log in to keep reading or access research tools.