IRS Demands Coinbase Records In Surprise Tax Probe

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Coinbase has received a surprise summons from the US Internal Revenue Service (IRS), with the agency demanding transaction records of all US users since 2013.

Also read: IRS Fail: Treasury Audit Says it Can’t Manage Virtual Currencies

IRS: Suspicion Users ‘Failed to Comply’ With Tax Laws

The sudden focus on Coinbase, considered to be stringently compliant with regulatory requirements, comes as part of a crackdown on suspected US-resident tax evaders.

In a document filing, the IRS issued a so-called ‘John Doe’ summons to Coinbase to seek out users who have “failed or may have failed to comply with provisions of the internal revenue laws.”

“[T]he IRS has commenced an investigation to determine the correct federal income tax liabilities, for the years ended December 31, 2013, 2014,

Read more ... source: TheBitcoinNews

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