- U.S. tax agency, the IRS is clamping down further on crypto tax cheats.
- The IRS has started to send out warning letters to remind people to pay taxes associated to their crypto holdings.
Tax services in the US – The U.S. Internal Revenue Service (IRS) has announced that they have begun sending out letters to taxpayers who own cryptocurrency, advising them to pay any back taxes they may owe or to file amended tax returns regarding their holdings.
As part of the bulletin from the agency, they detailed that it began mailing what it called “educational letters” last week.
IRS Commissioner Chuck Rettig said in a statement:
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,”. “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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