Cryptocurrency News Today: The IRS won’t stop until it collects all the cryptocurrency tax it’s owed
They said the government couldn’t control it. They said it could never be regulated. But as certain as death, they will try to tax it. And it seems the US Internal Revenue Service (IRS) won’t rest until it’s got every last tax dollar from Cryptocurrency traders.
In one instance, a taxpayer owed nearly $3,900 for 2017, that’s $3,600 in tax and about another $200 in interest. The letter, seen by CoinDesk, was dated July 29, 2019.
This latest round of communication comes just a few weeks after the IRS first sent “educational letters” to Cryptocurrency owners to advise them of any tax they might owe.
While the letters might sound like harbingers of doom, they are more advisory in nature; recipients are under no obligation to pay. However, recipients will have to provide supporting documentation that demonstrates why they’re not liable for the tax if they refuse to pay.
The IRS is reportedly gathering information about tax payers through Coinbase,