On Thursday night, Nicole Green, a tax preparation professional and certified Bitcoin professional with NGG Tax Group, received an urgent email from a client about possible unreported cryptocurrency transactions.
"No one is talking taxes at 10 p.m. at night in the middle of July," Green told CNN Business. "But this letter got their attention and they were freaked out."
That, it seems, is just the kind of attention the Internal Revenue Service is aiming to get.
"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties," IRS Commissioner Chuck Rettig said. "The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations."
But the obligations have not been abundantly clear.
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