Decrypting The New IRS Cryptocurrency Compliance Letters

Law360 (August 7, 2019, 3:07 PM EDT) -- On July 26, 2019, the Internal Revenue Service announced that it has begun sending what it characterized as educational letters to more than 10,000 taxpayers regarding the potential failure to report income and pay tax from, or improperly reporting, cryptocurrency transactions.[1] This news follows a recent announcement from IRS Criminal Investigation Chief Don Fort that details on new criminal tax cases involving cryptocurrency will be publicized soon. These enforcement and compliance initiatives are part of the IRS’ virtual currency compliance campaign, announced in July 2018, addressing taxpayer noncompliance related to the use of cryptocurrency.

Cryptocurrency Basics

Open-source cryptocurrencies operate through the...

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