CoinLedger: Number of U.S. Users Receiving Cryptocurrency Tax Letters Surges, Signaling Potential Larger-Scale Enforcement Ahead

BlockBeats News, June 27th, according to The Block, CoinLedger CEO David Kemmerer stated that in the past 60 days, the cryptocurrency tax software platform CoinLedger has seen a 758% surge in the number of U.S. users receiving letters from the Internal Revenue Service (IRS), with accounting firms such as Taxing Cryptocurrency confirming this trend.

In an email, Kemmerer stated that despite Trump expressing willingness to eliminate domestic cryptocurrency taxation in the U.S., Congress has not yet proposed any relevant legislation. Meanwhile, many investors still mistakenly believe that they do not need to report cryptocurrency assets on their tax returns. He added that this may be the beginning of a broader enforcement wave, especially in light of the new 1099-DA tax reporting requirements set to take effect next year.