Posted by: mstein10 | December 16, 2021

MICHEL STEIN Quoted in Tax Notes Article Cryptocurrency Soft Letters Yield Big Bang for the Buck

The IRS is getting more information from its cryptocurrency exchange John Doe summonses, which it will use to fuel another round of soft letters to account holders, according to an agency official.

Michel R. Stein of Hochman Salkin Toscher Perez PC noted that the Coinbase summons used older tax years but the same dollar threshold for determining which accounts the exchanges had to disclose to the IRS. The substantial increase in virtual currency values could explain a large portion of the increased number of responses, he said.

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