The IRS Sends Masses of 6174 Tax Notices to Cryptocurrency Users

Odaily reports that the U.S. Internal Revenue Service (IRS) is sending a large number of Notice 6174 to cryptocurrency taxpayers, reminding recipients to review their past filings. Clinton Donnelly, CEO of Cryptotaxaudit, said that dozens of people have recently contacted the company, including its clients; he noted that receiving the notice itself does not indicate any violation.

Donnelly previously estimated that the IRS sends about 10,000 such notices per month. Notice 6174 is a voluntary compliance reminder informing taxpayers that the IRS has information on their cryptocurrency transactions and requiring them to check whether they have fulfilled their tax filing obligations.

Donnelly stated that the notice does not point to specific filing issues and usually does not require a direct response. He advised recipients to first read the notice carefully and understand their own situation, and not to rush to amend their filings or submit information to the IRS. (Bitcoin.com News)