US IRS letter raises concerns about cryptocurrency transactions and other issues

The US Internal Revenue Service began sending letters to taxpayers with approximately 10,000 letters on cryptocurrency transactions, which may not have been reported or misreported, and will begin sending another batch to taxpayers with estimated tax liability from late September. Letter. Andy Phillips, director of the HR Block Tax Research Institute, said: "Some notifications are actually just out of courtesy, in order to help taxpayers understand their obligations. But this does not alleviate the pressure and anxiety of taxpayers receiving IRS letters. .