The United States Internal Revenue Service (IRS) delivered a statement saying that crypto investors that brought over USD 20 thousand worth of crypto coins from 2013 to 2015 received warning letters. In the letter, it was stated that those who have not reported their taxes do that as soon as possible.
Based on the announcement by the Internal Revenue Service, 3 different types of letters were sent to crypto investors. What was written in the letters is unknown, however, there are some possible options.
There were 10 thousand people selected to receive these warning letters. Yet, it is still not clear how they chose these people. It is safe to assume that the information could only be found from Coinbase since it is practically the only exchange that has been operating since 2013.
The company has worked hard to protect the privacy of its customers and even persuaded the court that demanding such information from trading platforms is unconstitutional.
Chuck Rettind, an Internal Revenue Service Commissioner said that the investors that received the letters should take them extremely seriously. The recipient should examine their tax filings and possible change past returns repaying the taxes. The agency is going to efficiently to their job with the help of chain analysis companies.