• Sun, 25 Aug 2019, 10:08 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

IRS goes after cryptocurrency users misreporting transactions

Tax Evasion.Picryl/Picryl

Fri, 19 Jul 2019, 06:03 am UTC

The U.S. Internal Revenue Services (IRS) is ramping up efforts to get a hold of those who are not properly reporting their income from cryptocurrencies and evading tax payments on such income.

The IRS is sending out letters to specific recipients telling them that they are subject to investigation due to suspicions of underreporting income via cryptocurrency, Bloomberg reports. This follows recent reports that suggested that the agency had trained its staff to find cryptocurrency wallets.

“We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transactions involving virtual currency, which include cryptocurrency and non-crypto virtual currencies,” the letter, known as “Letter 6174-A,” reads.

IRS officials are calling crypto tax enforcement a "top priority." According to Bloomberg, the letter also warns of potential civil and criminal enforcement action.

Earlier this month, a Twitter user, going by the name Crypto Tax Girl, posted some slides from a presentation reportedly given to special agents in the IRS Criminal Investigation division. The goal was to explain the tax implications of cryptocurrencies, among other things.

“I recently got hold of a presentation given to special agents in the IRS Criminal Investigation division that discussed investigating taxpayers who hold crypto,” the post’s caption reads.

“I went through all of the 181 horribly formatted slides (attached for reference haha).”

It would appear that the IRS will be dragging major tech firms into the fold with surveillance methods that will involve looking into users’ histories, DashNews reports. This is supposed to “see if they have ever downloaded cryptocurrency applications.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,016.30 (-0.78%)
  • Ethereum (ETH) $185.36 (-2.30%)
  • XRP (XRP) $0.268400 (-1.09%)
  • Bitcoin Cash (BCH) $302.96 (-1.02%)
  • Litecoin (LTC) $71.35 (-2.62%)
  • Bitcoin (BTC) $10,016.30 (-0.78%)
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:42
Sierra Leone launches blockchain-based National Digital Identity Platform
10:43
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
09:52
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
09:16
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
08:32
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
07:33
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft