According to an article published in the Los Angeles Times, the Internal Revenue Service (IRS) has begun sending letters to more than 10,000 holders of cryptocurrency to warn them that they may be subject to penalties for potentially failing to report the income they earned through cryptocurrency transactions. The rising popularity of cryptocurrencies in the last years seems to be forcing the agency to take drastic measures and all of the letters are expected to be sent by the end of August. “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,” IRS Commissioner Charles Rettig said in a statement Friday, per LA Times. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Cryptocurrency market update: Major cryptos turn red as bears dominate FX Street 4 years According to an article published in the Los Angeles Times, the Internal Revenue Service (IRS) has begun sending letters to more than 10,000 holders of cryptocurrency to warn them that they may be subject to penalties for potentially failing to report the income they earned through cryptocurrency transactions. The rising popularity of cryptocurrencies in the last years seems to be forcing the agency to take drastic measures and all of the letters are expected to be sent by the end of August. "Taxpayers should take these letters very seriously by reviewing their tax filings and, when appropriate, amend past… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
