Libertarian consider tank Cato Institute opined in a blog recently that a Internal Revenue Service believes that all Bitcoin users are taxation cheats.
It cites a new IRS “John Doe” summons sent to Bitcoin sell Coinbase for annals from all a users over a dual year period. The demand, that CATO calls “shocking”, includes: “complete user profile, story of changes to user form from comment inception, finish user preferences, finish user confidence settings and story (including reliable inclination and comment activity), finish user remuneration methods, and any other information associated to a appropriation sources for a account/wallet/vault, regardless of date.”
The summons goes on:
All annals of account/wallet/vault activity including transaction logs or other annals identifying a date, amount, and form of transaction (purchase/sale/exchange), a post transaction balance, a names or other identifiers of counterparties to a transaction; requests or instructions to send or accept bitcoin; and, where counterparties covenant by their possess Coinbase accounts/wallets/vaults, all accessible information identifying a users of such accounts and their hit information.
As CATO sums it up: “Everything