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Blockchain & Cryptocurrency

IRS is Sending Warning Letters to Cryptocurrency Users About Back Taxes

The Infinite Brief
The IRS has begun sending thousands of letters to US cryptocurrency holders warning them they may have incorrectly reported the taxes they owe on their transactions involving digital money.

As many as 10,000 taxpayers will have received the letters by the end of August.

The IRS is sending out three types of letters to taxpayers — known as Letter 6173, Letter 6174 and Letter 6174-A — depending on the severity of the issue.

The existing guidance, IRS Notice 2014-21, said that for the purposes of federal taxation, virtual currency is property.

Curated from CNN

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