Warning letters sent to crypto investors by the Internal Revenue Service (IRS) have spiked over the past few weeks, sparking significant anxiety among users, according to David Kemmerer, co-founder and CEO of Coinledger. This surge is thought to herald the beginning of a broader enforcement wave, especially with new 1099-DA regulations set to take effect next year.

The most common letter the IRS is sending is Letter 6174, which is described as educational and doesn’t necessarily indicate wrongdoing. In this letter, the IRS reminds taxpayers that crypto activity may be taxable and should be reported. The IRS is also sending Letters 6173 and CP2000, which, according to the Coinledger CEO, are more serious and require a prompt response. Failure to respond could lead to an audit.

Meanwhile, Kemmerer told Bitcoin.com News that in many cases, recipients of Letter 6174 are simply crypto investors the IRS identified through John Doe summonses issued to exchanges like Coinbase and Poloniex. He also spoke of the concern among targeted users who reached out to his company.

“We’re seeing a wave of confusion and fear among everyday crypto investors, many of whom made their best effort to report taxes accurately,” Kemmerer said. “With 1099-DA on the horizon, this kind of enforcement is only going to accelerate. The IRS has more visibility into crypto than ever before, but without accurate cost basis data, even compliant investors can get mistakenly flagged. That’s why it’s important to organize your records and be proactive about tracking taxable income.”

Explaining the implications of the two warning letters, Kemmerer said Letter 6173 indicates that the IRS believes recipients underreported. To avoid further trouble, Kemmerer urged affected users to respond by the deadline specified on the letter. Regarding Letter CP2000, the CEO said this usually indicates that the IRS has calculated the tax owed, and the targeted user has a 30-day deadline to respond.

Nevertheless, if a user believes the IRS has falsely accused them of underreporting, they should gather documentation that proves their original cost basis and use it to disprove the revenue collector’s assessment. Concerning Form 1099-DA, which exchanges are expected issue starting in 2026, Kemmerer admitted it will significantly increase the volume of IRS warning letters. He warned that crypto users who fail to report income that is reported on Form 1099-DA may automatically receive Letter CP2000.

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