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I received a letter from the IRS regarding my cryptocurrency (virtual currency). Now what?

Posted by Brandon Keim | Jul 25, 2019 | 0 Comments

The IRS now has information regarding U.S. individuals who have cryptocurrency and are sending out automated letters to these individuals. The letter from the IRS is numbered Letter 6174-A, and it states, “We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transaction involving virtual currency, which include cryptocurrency and non-crypto virtual currencies.” In summary, if you invested in a cryptocurrency, or have a mining operation, you should be on the lookout for correspondence from the IRS regarding your involvement and make sure that you have properly reported all your income from virtual currency sources, including information returns (W-2s, 1099s).

IRS to Refocus Efforts on Traditional Tax Crimes

Posted by Brandon Keim | Dec 17, 2017 | 0 Comments

The IRS has a new Chief in charge of its Criminal Investigations division, and that means a renewed focus on traditional tax crimes (overstating deductions, underreporting income), and a new data-drive approach that will mean more tax crime investigations in Phoenix, and the surrounding cities.

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