Cryptocurrency Craze + IRS Crackdown
At one point in 2018, the cryptocurrency market topped over $613B in market value, now investors are saying the market will bust. And while we’re not crypto-experts, one thing we do know – the IRS is calling on all crypto-users who have either a.) failed to report (and pay taxes on) their cryptocurrency income or b.) did not accurately report their crypto-transactions.
This fall, the IRS sent out over 10,000 letters to taxpayers who may have made errors reporting their crypto-activity.
Getting a letter like this can be unnerving and you may have done everything correctly – but its something you should not ignore. The letters ask you to connect with your accountant to review your filings, make amendments if needed. Don’t worry – but do take action.