Taxpayers who deal—or even dabble—in virtual currency may be on the receiving end of a letter from the IRS this month
Taxpayers who deal - or even dabble - in virtual currency may be on the receiving end of a letter from the Internal Revenue Service this month. The IRS hasthat they have begun sending letters to taxpayers who might have failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
The IRS started sending the letters to taxpayers last week. The names of these taxpayers were obtained through various ongoing IRS compliance efforts. There are three variations on the letter: letter 6173, letter 6174, or letter 6174-A. The letters are allegedly targeted to taxpayers depending on the information available to the IRS. According to the IRS,"[a]ll three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.
Depending on the version of the letter you receive, your next steps may vary. But if you're one of the more than 10,000 taxpayers expected to receive a letter by the end of August, don't ignore the IRS. "Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties," said IRS Commissioner Chuck Rettig."The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.
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