The U.S. Internal Revenue Service (IRS) again sent letters to crypto traders, this time requiring them to indicate the exact amount of outstanding funds to the state budget, The Block reports.
IRS notification of form CP2000 is provided for cases when there are discrepancies between information transmitted by taxpayers and information received by the agency from independent sources. The amount indicated in the letters represents the alleged debt, which, according to the tax authorities, US citizens did not pay to the treasury.
IRS representatives warned that ignoring the letter is not necessary in order to avoid fines and additional interest. On the other hand, taxpayers have 30 days to appeal against the requirements of the department.
In July, the U.S. tax authorities sent out more than 10,000 letters urging investors to declare income from cryptocurrency transactions. However, according to CoinTracker co-founder Chandan Loda, the new mailing is not related to the previous one.
“CP2000 is more serious than what is said in 10,000 letters. The fact is that now we are talking about specific amounts that, according to the IRS, need to be paid, ”Loda explained.
Coin Center analyst noted that the new mailing list includes forms 1099-K and 1099-MISC, usually issued by some exchanges that report customer transactions that exceed a certain threshold. It is also unclear how many of these letters were sent by the IRS.