U.S. National Tax Service (IRS) Sent Tax Reminders to Coin Base Bitcoin Holders in the U.S.

The IRS (International Revenue Service) has been identified by Forbes reports as sending a notice of payment, called 6174-A, to the U.S.-based Coinbase exchange.

The 6174-A is a push to urge taxpayers who own virtual currency to pay taxes. The 6174-A promotion "described the potential for future legal action unless one files a tax return on the virtual currency one currently own on the basis of the transaction of one's virtual currency. U.S. investors and others are making headlines because the strict "words of intimidation" are stated.

This is the content of 6174-A, which is sent to the holder of the virtual currency.

Moreover, the latest 6174-A is likely to be sent to all individuals based on the personal information data Coinbase released to the IRS in 2017, as well as those suspected of tax evasion, it said.

In 2017, a U.S. federal court received personal information from 14,355 people who owned the then-virtualized currency in Coinbase. About 9 million virtual currency transactions were already taking place within the Coinbase Exchange in 2017. The transmission target of the 6174-A appears to have been based on this data.

Meanwhile, in Japan, where regulations on virtual currency are most robust, many investors for virtual currency are eligible for reporting because they need to be reported for profit of more than 200,000 yen (2 million won) per year.

Income from the sale and sale of virtual currency is determined by the tax rate from the sum of the income from wages subject to the aggregate taxation as miscellaneous income. In addition, if profits are high, the tax rate for income taxes will rise up to 45 percent with progressive taxes, adding up to 10 percent of resident taxes, in total up to 55 percent.

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