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  • Holly Roundtree CPA

2019 – 07/29

The IRS has begun sending information letters to taxpayers who may have failed to report income and pay the resulting tax from virtual currency transactions or didn’t report their transactions properly. The IRS states that virtual currency is treated as property for U.S. federal tax purposes, and the general tax principles that apply to property transactions apply to transactions using virtual currency. By the end of August, more than 10,000 taxpayers will receive one of three variations of these letters. All three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors. For more information: https://bit.ly/2MfQSHo

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