The United States Revenue Service sends letters demanding to report income from operations with cryptocurrency

According to Forbes , the United States Revenue Service (IRS) sent letters to more than 10 thousand investors with the requirement to report income from operations with cryptocurrency.

Lawyer Tyson Cross, who specializes in cryptocurrency taxation, said that several of his clients had recently received letters on the 6174-A form. In them, the IRS warns of possible future law enforcement actions of a “civil or criminal nature” in relation to those who do not report on income from transactions with cryptocurrency and those who have not repaid the debt to the state.

Fragment of "letter of happiness" from the IRS

Cross also admits that this letter was received primarily by Coinbase users, according to the extensive list provided by the IRS to the American Exchange in 2018 . The aim of the mailing, the lawyer is sure, is to encourage voluntary compliance with tax requirements.

IRS Commissioner Chuck Rettig advised taxpayers to take letters seriously, revise declarations, make changes if necessary, and certainly pay for obligations.

Earlier, BlockchainJournal reported that the IRS is preparing a new cryptocurrency guide.

Also recall, the other day, US Treasury Secretary Steven Mnuchin said that US regulators are likely to develop new rules for cryptocurrencies.

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