The IRS has begun sending letters to taxpayers with virtual currency transactions who potentially failed to report income. And pay the resulting tax from ensuing transactions or did not report their transactions properly. “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, mend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”
More information on virtual currencies can found on IRS.gov. And Flex Tax and Consulting Group can help you all tax services, please don’t hesitate to contact with us.
