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UPDATE: Six weeks ago, I warned that the IRS was dramatically increasing the number of Letter 6174 notices being sent to crypto traders. What we've seen since then is alarming. Dozens more people, including our own clients, have contacted CryptoTaxAudit after receiving these exact letters. This is no longer an isolated handful of cases. Based on the volume we're seeing, I believe the IRS is conducting another large-scale mailing campaign targeting crypto taxpayers. Here's what you need to understand: IRS Letter 6174 is a voluntary compliance letter. It means the IRS has information about your cryptocurrency activity and wants you to review whether you've met your tax reporting obligations. It is NOT an audit. In my view, these letters are designed to put pressure on crypto taxpayers to review their past filings and take corrective action. But receiving one does not automatically mean you've done anything wrong. DO NOT rush into amending tax returns or sending information to the IRS without understanding your position first. Letters 6174 and 6174-A generally do not require a direct response, but you should review the instructions carefully. Six weeks ago, I raised the alarm. The number of people contacting us since then has only reinforced my concerns. Have you received an IRS Letter 6174 or 6174-A recently? Comment below. I want to understand just how widespread this latest wave has become. Please repost this. Crypto traders need to know what's happening.