IRS Sends Warning Letters to Prevent Crypto Owners from Evading Tax
The Internal Revenue Service began sending warning letters out to cryptocurrency owners in the United States, announcing that taxpayers should be paying back taxes they owe or to file amended tax returns in regards to their cryptocurrency holdings.
The Internal Revenue Service began sending warning letters out to cryptocurrency owners in the United States, announcing that taxpayers should be paying back taxes they owe or to file amended tax returns in regards to their cryptocurrency holdings.
These letters also served as a warning that they may have broken federal tax laws. "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 announcement made by the IRS states that the letters are “educational letters” and by the end of August, more than 10,000 taxpayers will have received them.
Cryptocurrency exchange Coinbase has shared some of its data with the IRS under a federal–court order on around 13,000 client accounts. These clients were customers who had transacted $20,000 or more between 2013-2015. The data that was provided to the IRS included the client’s name, taxpayer identification number, and address.
Don Fort, the IRS Criminal Investigations Chief mentioned that the IRS plans on making public criminal tax-evasion cases that involve cryptocurrencies. It was also mentioned by the IRS that they will be issuing more legal guidance on cryptocurrencies in the near future.
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