crypto traders

The IRS starts sending out phishing emails to crypto traders

The IRS has begun sending out letters to taxpayers who hold cryptocurrencies inviting them to pay off debt to the government, if any, or to amend earlier returns to reflect digital currency trading.

The IRS starts sending out phishing emails to crypto traders

Cryptocurrency tax lawyer Tyson Cross told Forbes that a number of his clients have received letters in the form of “6174-A” in which the IRS warns them about “further enforcement of a civil or criminal nature” if they will found to be in violation of the law.

Cross notes that traders can get the impression that they are personally threatened by the IRS when, in reality, the newsletter is automatic and aimed at motivating them to voluntarily comply with the law. The IRS is likely using the Coinbase trader list in 2017 year, and in this way tries to put psychological pressure on them.

“It looks like the IRS is sending out these emails as part of a phishing campaign without any reason to believe that all recipients have misrepresented the data in their declarations,” he added..

The IRS starts sending phishing emails to crypto traders

The IRS confirmed the sending of such letters this Friday, calling them “training”.

“Taxpayers should take these letters seriously, revise their tax returns, and, when necessary, amend them and pay taxes,” the department explained..

In May, the IRS promised to update the tax accounting and payment guidelines for cryptocurrency traders. The document was originally drafted in 2014 year and has not undergone edits since then.

The IRS starts sending phishing emails to crypto traders

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