It’s always those darned revenuers, isn’t it?
These were the authorities responsible for killing all the fun during prohibition, chasing down rumrunners, and posing for early motion pictures with an axe in the hand and their foot on a defeated barrel of illegal hooch. The rivers of booze running through the streets at the feet of these malt and mash marshals was enough to make even the most pious uncomfortable at times, knowing full well the brutality of the revenuers in just procuring the information needed for smash the stash.
Nowadays, these tax enforcers wield a different sort of weapon from the Tommy Guns of old. In the 21st century, the revenuers will slice your bank account up with litigious lethality, bringing you to your knees in other ways.
Some thought that turning to cryptocurrency could keep them off the taxman’s list. Those people were wrong.
The IRS has begun sending thousands of letters to US cryptocurrency holders warning them they may have incorrectly reported the taxes they owe on their transactions involving digital money.
As many as 10,000 taxpayers will have received the letters by the end of August, the IRS said on Friday. Regulators identified the taxpayers through what the agency described as “ongoing IRS compliance efforts.”
The IRS is sending out three types of letters to taxpayers — known as Letter 6173, Letter 6174 and Letter 6174-A — depending on the severity of the issue. On social media, some people who claim to have received the letters say that one version simply asks taxpayers to review their returns and file an amended one if necessary. Another is a more serious warning of possible noncompliance with US tax law and potential IRS enforcement. And a third requires a response, or the recipient will be audited.
Bitcoin’s early days were marred by controversy, due to the currency’s complete anonymity. Outside of the average user, the cryptocurrency was also heavily traded by drug dealer, human traffickers, and terrorist organizations.
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