IRS: "We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transactions involving virtual currency"

I received a letter from the IRS today that accuses me of breaking the law. Yet I believe I have properly reported and paid all the taxes I was supposed to on my bitcoins.

They've sent out three letters, and mass mailing started this week. The three letters are:

6174: Basically means they know you have crypto

6174-A: Basically means they think you broke the law and haven't paid your taxes, and may or may not start enforcement actions on you soon

6173: Means they are sure you broke the law, and are coming after you now.

I received 6174-A. Even once I prove I did everything correctly, it's probably going to have cost me many hours and maybe a lot of money to an accountant. Just a heads up to everyone for what's coming.

You can read more about the letters here:

https://www.irsmind.com/audits/irs-begins-targeting-taxpayers-who-misreport-virtual-currency-transactions/



Submitted July 26, 2019 at 03:43AM by q928hoawfhu https://ift.tt/2JPIywh

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