If you recently received IRS Letter 6174-A in the mail, you're not alone. The IRS is sending thousands of these letters to US taxpayers. Here's what we know so far.
If you received IRS Letter 6174-A in the mail recently, you're not alone. The IRS is sending the letter to thousands of US taxpayers across the country.
Rather, this letter is probably part of a blanket mailing campaign to any individual the IRS knows has a cryptocurrency trading account. This would include over14,000 Coinbase users identified in the 2017 summons, as well as taxpayers who receive a 1099 from US based crypto exchanges. This would seem to indicate the IRS is sending these letters to taxpayers as a fishing attempt without any real belief that each recipient has under-reported.All of this boils down to an important point: you might receive IRS Letter 6174-A even if you accurately reported all of your cryptocurrency related income. In that case, don't panic. You likely received the letter just by nature of having a Coinbase account and not because you're a suspected tax cheat.
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