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15103439 No.15103439 [Reply] [Original]

I got one of those IRS letters. It says I may have made a mistake reporting some virtual currency transactions and gives an address to file amended returns, but nothing about any time limit. How long do us burgers have to reply to this shit? I'm barely functional enough to get a haircut lately never mind finding some accountant or tax lawyer to deal with

>> No.15103547

>>15103439
There are several versions of the the letter. Is it 6174-A? That's the least serious one and was basically sent out to everyone on their list.

>> No.15103595

>>15103547
Yeah 6174-A. I thought 6174 is the least serious and A is worse but that's good if true

>> No.15103603

>>15103547
Letter 6174– this is a soft notice informing the taxpayer that there is a likelihood that they did not report their virtual currency transactions. The notice asks them to check their return and, if necessary, file an amended return to correct the misreporting. The taxpayer is not required to respond to the notice and the IRS intends not to follow up on these notices. In short, this is information only to the taxpayer and education on how they comply.

Letter 6174-A– this is a “not so soft notice” from the IRS. As in Letter 6174, this letter tells the taxpayer that there is potential misreporting of virtual currency transactions. However, this notices states that the IRS may follow-up with future enforcement action. Again, no response is required if the taxpayer believes that they are in compliance. Taxpayers who receive this notice should be aware that they have been put on “notice” that they have been identified as a noncompliant taxpayer for potential future enforcement.

Letter 6173– This notice requests a response from the taxpayer about the alleged noncompliance. The letter provides instructions on responding to the IRS. The IRS intends to follow up on these responses to determine if the taxpayer is in compliance.

>> No.15103640

>>15103595
Looks like 6173 is the most serious.

https://blog.cointracker.io/irs-sends-letter-6173-6174-6174-a-cryptocurrency-warnings-what-to-do/

If you're sure you filed taxes correctly you're probably fine doing nothing IMO. Still, if you have a lot of money in crypto it may be worthwhile to consult a tax professional anyway.

>> No.15103654

HAHAHAHAA

OOOOH SAY CAN YOU SHAAAART

>> No.15103756
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15103756

>>15103654
this is what happens when a massive over funded govt runs out of targets and it'll keep getting worse and worse until kids are taxed on their pokemon card trades too

>> No.15103787

>>15103756
it's going to be funny when people just start trading with gold and silver again.

>> No.15103794

You have 30 days to reply. This is how adult life works. I don't know how you didn't realize what you were getting into when you first started with your crypto memes.

>> No.15103825
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15103825

>>15103787
>>15103756
No need, can already trade Bitcoin (BCH) without getting traced by doing your trades in person for cash with no KYC meeting people at Bitcoin meetups, or local.bitcoin.com.
Y'know, peer to peer, with no middleman. the way Bitcoin was supposed to be used.
If you put money on an exchange you are begging the government to take half.