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New IRS Warning Letters Target Crypto Investors Who Misreported Trades

Aug 14, 2019👎Bearish

The U.S. Internal Revenue Service (IRS) is sending another round of warning letters to cryptocurrency users, this time to taxpayers it believes to have misreported income from exchange transactions.

Chandan Lodha, co-founder of tax software provider CoinTracker, told CoinDesk that the IRS has been sending these so-called CP2000 notices to some customers, indicating they are potentially on the hook for revenue they did not report.

The IRS is expected to issue new guidance on crypto taxes in the near future, updating the last official guidance issued in 2014. It is unclear what the agency might say, though outstanding questions include how to deal with hard forks and airdrops.

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