WASHINGTON (Reuters) – The U.S. Internal Revenue Service on Friday said it was sending thousands of letters to taxpayers who failed to report virtual currency transactions, saying they may owe taxes.
The IRS said it planned to send over 10,000 letters to taxpayers in an effort that began earlier in July and will continue through August.
Taxpayers - Income - Tax - Consequences - Currency
“Taxpayers who do not properly report the income tax consequences of virtual currency transactions are, when appropriate, liable for tax, penalties and interest,” the agency said in a statement.
“Taxpayers should take...
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