IRS Floods US Crypto Users With Notices — What You Need to Know
2025-06-30 06:47:32
Main Idea
The IRS has increased scrutiny on US crypto users, sending out a surge of tax notices, with experts noting a significant rise in inquiries compared to previous years.
Key Points
1. CoinLedger reported nearly 800 support queries mentioning 'IRS letters' between May and June, a nine-fold increase from the same period in 2024.
2. The uptick in IRS notices is reminiscent of previous crackdowns, such as those in 2020 and 2021 targeting users of exchanges like Coinbase.
3. Under US law, crypto investors must report all taxable transactions, including gains and gifts above certain thresholds, with penalties for non-compliance.
4. The IRS may have obtained new transaction data, though the agency has not confirmed this, leading to increased outreach and notices.
Description
Crypto investors across the US are facing renewed scrutiny from the Internal Revenue Service (IRS), which has sent out a surge of warning letters over the past two months. The letters, according to tax experts, suggest that the agency is ramping up enforcement after identifying discrepancies in recent tax filings tied to digital asset transactions. Fortune reported Sunday that the volume of notices has jumped significantly compared to last year, citing crypto tax professionals. Crypto Tax Expert...
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