Could the IRS Have Done Better Than Issuing Summons to Coinbase?

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The recent incident involving Coinbase and IRS is well known. The US government department responsible for enforcing tax compliance had issued a John Doe summons to the leading cryptocurrency platform. The summons demanded the company to furnish details about all its customers, their entire transaction history from 2013 till 2015 and any other information associated with their accounts.

The demands of IRS have been contested by Coinbase in the court since then. According to reports, IRS may have filed the petition for John Doe summons to show some progress to the Treasury Department after its Inspector General rebuked IRS for inaction. IRS’ move has been criticized widely across the cryptocurrency industry. In spite of knowing the properties of digital currencies, the department opted to generalize the whole community as potential tax evaders instead of establishing a better framework for reporting and filing cryptocurrency related taxes.

The thought is also shared by Perry Woodin, the CEO of Node40, who was recently interviewed by one of the online financial news outlets. He was reported by the publication stating that the customers of Coinbase would have obviously bought and held or sold the

Read more ... source: NewsBTC USA

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