IRS Is Mailing To Cryptocurrency Owners For Tax Evasion
IRS has targeted cryptocurrency investors and traders who have not reported their incomes yet.
According to the IRS press release, the regulator sent out letters to taxpayers who did not enter their cryptocurrency transactions, notifying them to report on capital gains for previous tax years.
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.
The IRS states that the mailing list was formed last week. The regulator intends to send them to 10,000 taxpayers by the end of August.