Crypto Magazine Africa
  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion
No Result
View All Result
Crypto Magazine Africa
  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion
No Result
View All Result
My CryptoMag
No Result
View All Result
Home News

The IRS starts to send warning letters to the US Cryptocurrency Owners

by Suvajit Banerjee
July 28, 2019
in News, Wallet, World

RelatedPosts

Top 50 Richest People in Crypto November 2021

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

DafriBank Announces the Appointment of New Chief Executive Officer

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

The U.S. Internal Revenue Service has declared that it will send warning letters to Americans who owe back taxes related to cryptocurrency. Around 10000 letters will be send by the end of this month. The IRS newsletter has also stated that “the names of these taxpayers were obtained through various ongoing IRS compliance efforts.”

IRS Commissioner Chuck Rettig said in a statement that “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties.” There are three variations of the letter,termed as the Letter 6173, Letter 6174 or Letter 6174-A, that are being send and the IRS has already started mailing the first stage from last week. Rettig also said that “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics.”

The first report of people receiving these letters came out this week and as per the press release from IRS, those who have cleared their taxes might also find them at the receiving end of such letters. The release also says that some cryptocurrency holders may find themselves subject to audits.

It was first reported in the month of May that IRS is beginning to frame a new set of guidelines for cryptocurrencies, this being the first such effort since 2014. Since the decision made by IRS to treat cryptocurrencies as intangible property for tax purposes, a number of organizations have requested the IRS for updated guides on the issue.

In a recent training guide on IRS staff which was leaked online, it was mentioned that IRS may consider issuing subpoenas to tech companies to find out about cryptocurrency wallets of any individuals. It also goes to mention that IRS agents can monitor social media accounts for necessary tracking. This proves that the IRS has tough plans for anyone who is trying to hide their money through cryptocurrency deals.

These letters will advise the taxpayers to clear any taxes that they owe or to file amended tax returns regarding their cryptocurrency holdings. IRS also mentioned that the taxpayers who fail to mention the tax implications resulting from virtual currency transactions are subject to tax, penalties and interest. In some cases, this can also lead to criminal prosecution. The IRS has provided a separate notice highlighting the guidelines on how federal tax principles apply to virtual currency transaction and it plans to issue further legal guidance in future.

It seems that that the IRS is not ready to accept any further tax evasions through cryptocurrency dealings.

Tags: cryptocurrencyIRS
Previous Post

Zuckerberg plans to engage in a “very open dialogue” to win the regulator’s support over Libra

Next Post

Microsoft using Ethereum blockchain to “democratize” the machine learning process

Related Posts

Top 50 Richest People in Crypto November 2021
Altercoin

Top 50 Richest People in Crypto November 2021

The 50 Richest People in Crypto November, 2021 The founder and the chairman of DafriBank Digital LTD, Xolane Ndhlovu is...

by Khanyisile Nkosi, opinion contributor
December 28, 2021
The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion
Blockchain

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

Metaverse -  The Zamundan natural resources like gold, land, minerals and animal hides make the kingdom the richest country in...

by Khanyisile Nkosi, opinion contributor
December 28, 2021
DafriBank Announces the Appointment of New Chief Executive Officer
Breaking News

DafriBank Announces the Appointment of New Chief Executive Officer

JOHANNESBURG - The Africa's pioneer digital Banking outlet DafriBank this week unveiled its new CEO. "We are pleased to announce...

by Khanyisile Nkosi, opinion contributor
September 1, 2020
Mark Zuckerberg tries to defend Libra in Congress
Crypto

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

The founder and CEO of Facebook Mark Zuckerberg, appeared before the US House of Representatives Financial Services Committee last Wednesday...

by Suvajit Banerjee
October 25, 2019
paypal-abandons-facebook-backed-libra-association
Breaking News

PayPal, a founding member, exits the Libra Association backed by Facebook

PayPal has announced that it is walking out of the coalition of companies involved in Facebook’s Libra project. Adding to...

by Suvajit Banerjee
October 5, 2019
Exchanging cryptocurrencies for gold and silver: a South African innovation
Business

Exchanging cryptocurrencies for gold and silver: a South African innovation

For the first time in South Africa and probably on the continent, cryptocurrencies are being exchanged for gold and silver....

by Issa Sikiti da Silva
October 4, 2019
Next Post
Microsoft using Ethereum-microsoft and blockchain

Microsoft using Ethereum blockchain to “democratize” the machine learning process

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Quick News

Top 50 Richest People in Crypto November 2021

Top 50 Richest People in Crypto November 2021

by Khanyisile Nkosi, opinion contributor
December 28, 2021
0

The 50 Richest People in Crypto November, 2021 The founder and the chairman of DafriBank Digital LTD, Xolane Ndhlovu is...

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

by Khanyisile Nkosi, opinion contributor
December 28, 2021
0

Metaverse -  The Zamundan natural resources like gold, land, minerals and animal hides make the kingdom the richest country in...

SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap

SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap

by Khanyisile Nkosi, opinion contributor
May 3, 2021
1

JOHANNESBURG - A new auto liquidity generating protocol SafeBank YES by DefriBank Digital Limited has broken industry's record when it...

THE DIGITAL BANK OF AFRICA ANNOUNCES A SUCCESSFUL SALE OF  9.9 MILLION DBA IN PHASE 2

THE DIGITAL BANK OF AFRICA ANNOUNCES A SUCCESSFUL SALE OF  9.9 MILLION DBA IN PHASE 2

by Khanyisile Nkosi, opinion contributor
April 19, 2021
1

  JOHANNESBURG  -  Thousands of Africans flock to DafriXchange to participate in what they describe as African own Bitcoin which...

Most Popular

Top 50 Richest People in Crypto November 2021

Top 50 Richest People in Crypto November 2021

by Khanyisile Nkosi, opinion contributor
December 28, 2021
0

The 50 Richest People in Crypto November, 2021 The founder and the chairman of DafriBank Digital LTD, Xolane Ndhlovu is...

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

by Khanyisile Nkosi, opinion contributor
December 28, 2021
0

Metaverse -  The Zamundan natural resources like gold, land, minerals and animal hides make the kingdom the richest country in...

SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap

SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap

by Khanyisile Nkosi, opinion contributor
May 3, 2021
1

JOHANNESBURG - A new auto liquidity generating protocol SafeBank YES by DefriBank Digital Limited has broken industry's record when it...

THE DIGITAL BANK OF AFRICA ANNOUNCES A SUCCESSFUL SALE OF  9.9 MILLION DBA IN PHASE 2

THE DIGITAL BANK OF AFRICA ANNOUNCES A SUCCESSFUL SALE OF  9.9 MILLION DBA IN PHASE 2

by Khanyisile Nkosi, opinion contributor
April 19, 2021
1

  JOHANNESBURG  -  Thousands of Africans flock to DafriXchange to participate in what they describe as African own Bitcoin which...

Sign upto our newsletter

About

  • Contact Us
  • Privacy Policy
  • About Us

Sister Brands

  • FX Magazine
  • MLM Magazine
  • Daily Afrika
  • PlusSize Africa
  • DJ Mag Africa

Affluent Series

  • Affluent
  • Affluent Africa
  • Affluent TV
  • Affluent Radio
  • Affluent Sport

Published by UMEH Media All right reserved.

mycryptomag-logo

The leader in crypto and blockchain news, lifestyle, and just about anything crypto. Crypto Magazine is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Crypto Mag is an independent operating subsidiary of UMEH Media Group

  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion