The Internal Revenue Service (IRS) of the United States sent a large number of tax notice 6174 to cryptocurrency users

The 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, stated that dozens of individuals have contacted the company recently, including its clients; he noted that receiving the notice itself does not imply any wrongdoing.

Donnelly previously estimated that the IRS sends about 10,000 such notices each month. Notice 6174 is a voluntary compliance reminder, informing taxpayers that the IRS has information about their cryptocurrency transactions and asking them to verify whether they have fulfilled their tax filing obligations. Donnelly mentioned that the notice does not specify any particular filing issues and typically does not require a direct response. He advised recipients to carefully read the notice and understand their situation before hastily amending their filings or submitting information to the IRS.