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.
IRS requesting info from Coinbase on users transacting 2013-2015 @zerohedge #bitcoinhttps://t.co/9VERyUCpJa pic.twitter.com/25Rocwev6v
— Stephen Cole (@sthenc) November 18, 2016
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,