The US Internal Revenue Service is not messing around. IRS crackdown on Cryptocurrencies will begin in earnest. Announced yesterday, they will begin sending letters to taxpayers who own cryptocurrency.
The hope of the IRS is to force those who own cryptocurrency to amend their tax returns and pay any back taxes that they may own. This is in spite of the country’s democratically elected president trashing Bitcoin and cryptocurrencies.
In a news bulletin, the agency states that they will begin sending what they call “educational letters”. There are three variations of the letter that are being sent.
The IRS will send this letter to more than 10,000 taxpayers by the end of this month. Names were obtained through various ongoing IRS compliance efforts.
“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 Chuck Rettig said in a statement.
“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.”
Look out for these mailers. The one thing you don’t want to do is mess with Uncle Sam. What do you think? Let us know on our Facebook Page!
