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IRS Crypto Letters Surge 758% in 60 Days, CoinLedger Warns of Looming Crackdown

by Darius Ngetich
Jun 29, 2025 - 1:09 pm
in Blockchain, Sticky
IRS letter with crypto icons symbolizing increased tax enforcement

IRS Crypto Letters Soar More than 750% in 60 Days

American cryptocurrency investors are receiving IRS warning letters in record volumes. The notices out have surged 758% in the past two months alone, according to CoinLedger. The trend was confirmed by the firm’s CEO, David Kemmerer, in a statement to The Block, with tax experts also reporting the spike.

Everyday Investors Left in the Dark

CoinLedger tax expert Ben Yoder noted that most of those who were targeted keep crypto in a passive position and believed they already paid taxes. Errors of wallet-to-wallet transfers or failing to provide cost basis information have a way of triggering IRS suspicions even without tax evasion.

What the IRS Letters Mean

The most frequent notice sent out, IRS Notice 6174, is informational. But stricter notices, such as 6173 and CP2000, demand action and can lead to audits or penalties. CoinLedger advises the recipient not to ignore such an alert and obtain professional advice.

New Rules on the Horizon

Kemmerer is convinced the increase in letters can be an indicator of a larger IRS enforcement wave before 2026, the year when the new Form 1099-DA guidelines become applicable. Under these guidelines, crypto brokers will have to report gain/loss information with higher accuracy.

Political Noise, Legal Reality

Despite the public support from former President Donald Trump for reversing crypto taxes, no legislation has been passed. Crypto analyst Adam Cochran recently mocked news that an executive order could exempt tax expenses, again explaining that congressional approval would be required. Trump did move back an IRS rule earlier this year that would have categorized DeFi platforms as brokers.

Stay Prepared: CoinLedger’s Advice

With regulatory heat intensifying, CoinLedger is urging crypto consumers to maintain accurate records of transactions, monitor all taxable events, and seek professional help when in the IRS spotlight. The news is out: crypto tax compliance is no longer a nicety—it’s a necessity.

Tags: Regulation
Darius Ngetich

Darius Ngetich

Darius Ngetich is a blockchain, crypto, and gaming enthusiast. He is also an animator, VFX Artist, and Game Developer, specializing in computers with vast experience in programs like Blender, Unity, and Unreal Engine. My passions are creating games and informing others about the latest developments in crypto, blockchain, and gaming.

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