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IRS 'Fishing' Crypto Users

Sofia Cabrera

Summary: The IRS is reportedly sending out letters "6174-A" to crypto investors, intimidating them into reporting their virtual currency transaction by suggesting that failure to report such income could result in "future civil and criminal enforcement activity." However, Tyson Cross, crypto tax attorney, states that this letter though seemingly threating and specific, it is a mass ...

The IRS is reportedly sending out letters "6174-A" to crypto investors, intimidating them into reporting their virtual currency transaction by suggesting that failure to report such income could result in "future civil and criminal enforcement activity." However, Tyson Cross, crypto tax attorney, states that this letter though seemingly threating and specific, it is a mass letter that hopes to scare crypto users to voluntarily give up their digital earnings. Cross has coined these letters as a fishing attempted by the IRS.  

Author: Sofia Cabrera

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