IRS is going after cryptocurrency users with warning letters about back taxes

As many as 10,000 taxpayers will have received the letters by the end of August, the IRS said on Friday. Regulators identified the taxpayers through what the agency described as"ongoing IRS compliance efforts."Should investors own any bitcoin in their portfolio?The IRS is sending out three types of letters to taxpayers — known as Letter 6173, Letter 6174 and Letter 6174-A — depending on the severity of the issue.

"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties," IRS Commissioner Chuck Rettig said."The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations."But the obligations have not been abundantly clear.

In the eye of a chinese slaver，your us government department as shameless as our hosts. everything tax and tariff. if you need，labor your self. that is why do your borad easilly be infiltrated into your politician by dictatorial country delegate.

BudGothmog44 Big EO that says flip the crypto switch on and off three times and use the blocks to build a wall. Go maga.

Can’t earn any money w/o big brother government taking their cut to waste on farmer bailouts, Wall Street bailouts, auto industry bailouts, supporting foreign regimes, open checkbook for military weapons spending but not on the actual soldiers, and who cares about infrastructure

I strongly believe this Is in connection with officialmcafee case with IRS ..... You better PAY UP . Rome needs IRS to comply , so you all better comply with IRs

Tha_Irishman what happened to HODL haha y’all must be buying and selling way too often; triggering short term capital gains

while true do begin: add fee, add taxes, forget to document either bc the blockchain was deigned to run itself- not fund foreign govts in ANY COUNTRY. taxationIsTheft You havent read recent PHOENIX headlines? (VETs House sold over $250 in taxes..)

First they didn’t consider it real money, now they want to tax it. Fucking rich 😂🤣😂🤣

If we had a national sales tax we wouldn't need to tax everything else.

matthewAmason they coming for us?!?

Tax Evasion

Dunn dunn dunnnn

Good that ought to Burn Mark Zuckerman right where it hurts!In his Ass!

Not holders... traders... sellers

How do they know who holds cryptocurrency ?

Taxation is Theft! Fuck the Democratic Party Fuck the Republican Party Join the After Party with that After party, There is an Opt-Out So any American Citizen that doesn’t want to pay taxes Will not be forced to This make Taxes a choice Voluntary Freedom Smells so Good 🇺🇸🇺🇸🇺🇸

🖕🏻The IRS

IRS only dare to bully the poor. Rich people like Trump would not dared.

Don't forget Pot sells. Lmao. FederalCrime.

Wtf?!!! Taxes for what?! Buying a different currency?!! Apply your god damn taxes on the sales, not the currency used in a sales transaction!! So pay taxes to buy a land, then pay taxes for the currency I used to buy the land with. Wow! Fkng thieves!

IRS does not have jurisdictional standing in such an endeavor.

Best one of the year and how the IRS know how many crypto I might (or not have). Like a cop saying, if you overspeed, you might get fined.

It would be nice if they made Amazon and other tech companies pay taxes.

Play stupid games, win stupid prizes

Funny how CNN is trashing A$AP Rocky and promoting a non-English speaking 'American Citizen'.

Will the IRS in turn give money to you, if you lost money in Bitcoin?

Good luck collecting on that.

oops

... and warning letters to the rich warning them they may owe taxes on their secret off-shore accounts?

Haha. But what if I lost massive amounts of money just like everyone else. Tricks on the IRS now!

Uncle Sam slappin you for thinking he wont collect on cryptocurrency🤭😭

Fat chance of collecting. I sold $150,000 via off shore bank and I am still waiting for them to catch up. Go off shore. They don’t have the man power. Fake News!!!

Everyone already should know that any capital gains made on cryptocurrency owes tax. This shouldn’t be news to anyone

Hehe

Any sales or applicable taxes should and shall apply.

Only if the law was such that at the time of the transactions said so and as it didn’t include digital money they can’t. But what they can do is make it law from now on!!

And so begins cryptocurrency’s downfall...

The IRS is accepting crypto currency now?

Good. Please also check more closely on people putting tips in their pocket and not claiming the income. They are contributing to raising our national debt for their personal gain. No better than thieves.

But the I O T U S(Imbecile of the United states) said that wasn't real money.

Maybe they should go after Trump for tax fraud

Your joking right 😂😂

Nothing in life is free.

I haven’t received my tax refund yet

IRS, Do something constructive: Release Trump’s Tax return

Ahh yes, because they have all exchanges transactional data. Go home Uncle Sam, you’re drunk

long arm of the law

BUt iTs AnoNyMouS AnD SafE

🤦🏻‍♂️

😂😂😂😂😂😂

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