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IRS notifies virtual currency owners to pay back taxes, file amended returns

IRS notifies virtual currency owners to pay back taxes

The IRS today issued a release reporting that it has begun sending letters to taxpayers with virtual currency transactions who 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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As noted in the IRS release—IR-2019-132 (July 26, 2019)—the IRS started sending “educational letters” to taxpayers last week, and by the end of August 2019, the IRS expects that more than 10,000 taxpayers will receive these letters. The names of these taxpayers were obtained through various ongoing IRS compliance efforts. The IRS stated that it expects to issue additional legal guidance in this area in the near future.

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