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Bitcoin Letter From the IRS? What to Do Next!
I recently published the article “IRS Bitcoin Letter? How to Report Bitcoin to the IRS” and want to share some helpful tips on how to address Bitcoin letters from the IRS. To provide a quick background, the IRS began sending out letters to approximately 10,000 taxpayers last month requesting that they review the reporting of their Bitcoin and other cryptocurrency transactions on their tax returns. The number of letters to be issued is expected to grow as the IRS ramps up their enforcement efforts in this area. Below are some steps for how to address IRS Bitcoin letters.
       Step #1: Make a plan to respond to the IRS by the date requested on the notice. Ignoring the notice will result in additional headaches and heartaches as well as the potential for an unexpected tax bill plus penalties and interest.        Step #2: Obtain records of all cryptocurrency transactions made for each year in question. A great starting point is to login into the cryptocurrency exchange (i.e., Coinbase, Binance, etc.) used for transactions and export your historical data. Caution: The reports generated by the exchanges may not be accurate for tax reporting purposes.        Step #3: Obtain records from all financial ... more

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