IRS Floods US Crypto Users With Notices — What You Need to Know
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The IRS is sending varied letters to crypto investors, with some offering guidance and others demanding amended returns or explanations for past filings.
Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.
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Crypto investors across the US are facing renewed scrutiny from the Internal Revenue Service (IRS), which has sent out a surge of warning letters over the past two months.
The letters, according to tax experts, suggest that the agency is ramping up enforcement after identifying discrepancies in recent tax filings tied to digital asset transactions.
Fortune reported Sunday that the volume of notices has jumped significantly compared to last year, citing crypto tax professionals.
Crypto Tax Experts Report Surge in IRS Letter Inquiries Since May.
CoinLedger, a popular platform that helps users file crypto taxes, reported nearly 800 support queries mentioning “IRS letters” between May and June. That is roughly nine times the number it saw during the same period in 2024.
Crypto tax attorneys are also seeing a sharp rise in outreach. Jordan Bass, an accountant and attorney, said his firm received at least 10 inquiries in the last two months. The year before, he saw none. Another lawyer, Andrew Gordon, said his office is now fielding...
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