IRS Continues Crypto Enforcement Efforts

In a statement released on July 26, the IRS reported that, by the end of August, more than 10,000 taxpayers will have received letters reminding them to pay taxes on their virtual currency transactions. The letters are part of the IRS' ongoing efforts to address potential tax noncompliance related to the use of virtual currency. (A previous BrassTax article discusses other IRS actions relating to virtual currency transactions.)

According to IRS Commissioner Chuck Rettig, "[t]he 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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