Analysis

5 Considerations For IRS Cryptocurrency Letter Recipients

Law360 (August 9, 2019, 3:56 PM EDT) -- The Internal Revenue Service has started mailing letters to cryptocurrency users warning them they could face penalties or worse if they don't properly report transactions and pay taxes on them, and recipients should consider their options before acting in response.

A Bitcoin sign in a store window in Hillsboro, Oregon. The Internal Revenue Service has been mailing three different types of letters to holders of virtual currencies like Bitcoin. (AP) Here, Law360 explores important considerations for cryptocurrency users who have received such a letter from the IRS.

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No two cryptocurrency tax situations are alike, so it is...

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