Last month, the United States Internal Revenue Service (IRS) sent approximately 10,000 letters to cryptocurrency holders regarding their crypto holdings. The IRS has begun sending letters to taxpayers with digital currency transactions that potentially failed to report income and pay the resulting tax from digital currency transactions or did not report their transactions properly.
Those who already received letter 6173, titled “Reporting Virtual Currency Transactions” on July 16 now have less than a week to reply to the IRS. The most serious of the trio of letters that were disseminated (sent alongside letters 6174 and 6174-A), 6173 requires immediate action.
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