Crypto investors are seeing record returns on Bitcoin, but with that comes increased scrutiny from the IRS. Recently, the IRS has sent out a significant number of warning letters to U.S. crypto investors, indicating that their reported tax returns may not be accurate. This has led to a surge in inquiries to crypto tax platforms like CoinLedger, with a reported ninefold increase in support conversations. Tax attorneys have also noted an uptick in clients seeking advice regarding these letters, reminiscent of previous surges in IRS communication, highlighting growing compliance efforts in the crypto space.
The volume of letters warning U.S. crypto investors about potential inaccuracies in their tax returns has surged, leading to a ninefold increase in queries to CoinLedger.
Crypto tax attorneys report a significant uptick in inquiries regarding IRS warning letters, indicating increased scrutiny from the tax agency on digital asset investments.
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