IRS Petitions Coinbase for Data on All Active US Bitcoin Traders

IRS Petitions Coinbase for Data on All Active US Bitcoin Traders

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Coinbase

The US Internal Revenue Service (IRS) has filed a motion asking the US Federal Court of Northern California to force Coinbase to disclose the personal details of all US users that have conducted Bitcoin trades between January 1, 2013, and December 31, 2015.

The IRS said the motion is part of a large-scale tax evasion investigation through which it’s trying to identify persons that have received payments or stored funds in Bitcoin as a way to avoid paying US taxes.

IRS: There’s a “tax gap” between Bitcoin users and the government

“Further, in the experience of the IRS, tax noncompliance increases when there is no third-party information reporting. That is, taxpayers are less likely to report and pay taxes on income that is not independently reported to the IRS by a third party,” the IRS said.

“Based upon a review of the petition and supporting documents, the Court has determined that the “John Doe” summons to Coinbase, Inc. relates to the investigation of an ascertainable group or class of persons, that there is a reasonable basis for believing that such group or class of persons has failed or may have failed to comply with any

Read more ... source: TheBitcoinNews

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