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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."

Key Contacts

Adam Blakemore
T. +44 (0) 20 7170 8697

Linda Z. Swartz
T. +1 212 504 6062

Jon Brose
T. +1 212 504 6376

Andrew Carlon
T. +1 212 504 6378

Mark P. Howe
T. +1 202 862 2236

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