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New Batch of Crypto Users Receiving Warning Letters From IRS

Aug. 25, 2020, 9:06 PM

The IRS is warning a new wave of cryptocurrency users that it has information suggesting they may have misreported their transactions.

The agency confirmed that it sent another round of letters to users dated Aug. 14. The effort follows a campaign last summer in which the IRS sent letters to more than 10,000 users who potentially failed to report income and pay taxes on their cryptocurrency transactions. The agency, at that time, sent three variations of the letters with the most serious being Letter 6173, which required a response from taxpayers.

Two tax professionals, who spoke to Bloomberg...

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