Recipients of the IRS letter are on notice the IRS thinks they may need to report, so take a look at what you reported, and fix whatever you missed. Actually, though, even if you don't receive one of these IRS letters, you should consider doing the same thing.
to people with virtual currency transactions who may have failed to report income and pay taxes, or who did not report their transactions properly. By the end of August, more than 10,000 taxpayers will receive the letters, targets the IRS says it obtained through various ongoing IRS compliance efforts.
After all, the mere fact that you don't receive a letter does not mean you are in the clear. Besides, basic reporting isn’t that hard. Amending tax returns to ask for big tax refunds is a well-known audit trigger. Amending to report extra income and pay extra tax is usually much less so and can head off much bigger problems. Still, whenOf course, not everyone is going to look at this situation, or their own facts, with the same degree of concern.
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