The number of IRS warning letters received by U.S. crypto investors in the past 60 days has surged 758%, and new tax rules will take effect next year
Internet reports that in the past 60 days, U.S. crypto tax platform CoinLedger has found a 758% surge in the number of users receiving warning letters from the Internal Revenue Service (IRS), and accounting companies have confirmed a similar trend. This may be a precursor to enforcement before the new 1099-DA tax regulation will be implemented in January 2026. The tax rule will require crypto platforms to report user transaction revenue and costs, providing the IRS with more complete tax data. Although President Trump has expressed his desire to exempt the U.S. crypto tax, relevant legislation has not yet been introduced. CoinLedger said that a large number of investors have misunderstandings about crypto taxation and are often misjudged due to incomplete historical records. Investors who receive IRS letters should keep complete transaction records and cost certificates, and can amend tax returns or seek professional assistance if necessary. Even though transfers between wallets are not tax-related, incomplete records may lead to misjudgment.
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