IRS Sends Letters to Cryptocurrency Owners Advising Them to Pay Back Taxes

The IRS recently published a news release stating they would be sending letters to taxpayers with cryptocurrency transactions that potentially failed to report income and pay taxes or did not report their transactions properly.

IRS Commissioner Chuck Rettig said, "Taxpayers should take these letters very seriously...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.” Tax attorney Rob Wood of Wood LLP discusses this topic and his advice for cryptocurrency owners.

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