![]() ![]() Compliance efforts follow these general tax principles. IRS Notice 2014-21 PDF states that virtual currency is property for federal tax purposes and provides guidance on how general federal tax principles apply to virtual currency transactions. Virtual currency is an ongoing focus area for IRS Criminal Investigation. The IRS will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations. Last year the IRS announced a Virtual Currency Compliance campaign to address tax noncompliance related to the use of virtual currency through outreach and examinations of taxpayers. Taxpayers are pointed to appropriate information on IRS.gov, including which forms and schedules to use and where to send them. ![]() The names of these taxpayers were obtained through various ongoing IRS compliance efforts.įor taxpayers receiving an educational letter, there are three variations: Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors. By the end of August, more than 10,000 taxpayers will receive these letters. The IRS started sending the educational letters to taxpayers last week. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations." "The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. "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," said IRS Commissioner Chuck Rettig. ![]() WASHINGTON - The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. ![]()
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