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The Taxman Cometh: Court Orders Coinbase To Hand Over Information On Cryptocurrency Users

Mac Slavo
November 30th, 2017
SHTFplan.com
Comments (9)
Read by 2,860 people

bitcointax

Most could see the writing on the wall: the taxman cometh.  The Internal Revenue Service has been upset that Americans are daring to make money that they cannot tax, but not for much longer.

Bitcoin’s initial big draw was that it was unregulated by the government.  Most digital currencies exist in a sort of twilight state just beyond the grasp of federal regulators, but the U.S. tax authority is starting to get upset that they cannot steal this money, so they’ve figured out how to do just that.

On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015. After noticing that the number of tax returns claiming gains from virtual currency didn’t line up with the emerging popularity of digital currencies like bitcoin as an investment vehicle, the IRS asked Coinbase to hand over a broad swath of information on its users. Coinbase pushed back, and now the court has landed on a compromise that the company is calling a “partial victory.” –Tech Crucnch

“Coinbase itself admits that the Narrowed Summons requests information regarding 8.9 million Coinbase transactions and 14,355 Coinbase account holders. That only 800 to 900 taxpayers reported gains related to bitcoin in each of the relevant years and that more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year suggests that many Coinbase users may not be reporting their bitcoin gains,” the court documents read.

The fact that the government couldn’t tax bitcoin was a big selling point for many. Cryptocurrency users who value the decentralization and privacy afforded by digital currencies won’t be happy, but there is a bit of good news. Coinbase succeeded in limiting the government’s initial request for information on all Coinbase users who made transactions from 2013 to 2015 to the smaller subset of high-value users.

The court narrowed the scope of documents that the IRS can request from Coinbase to taxpayer ID number, name, date of birth, address, transaction logs and account statements, deeming the rest of the documents “not necessary.” Again, these personal data requests will only apply to accounts that have bought, sold, sent or received more than $20,000 in any of those types of transactions between 2013 and 2015.

Make no mistake, the taxman cometh.

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Author: Mac Slavo
Views: Read by 2,860 people
Date: November 30th, 2017
Website: www.SHTFplan.com

Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

9 Comments...

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  1. Concerned-Citizen! says:

    The U.S. Gov’t is absolutely, 100% the largest Criminal the World has ever witnessed. They are so beyond out of any sense of control.

  2. Georgia Peach says:

    Just wondering if there is any good news to talk about.

    • Heartless says:

      Sorry GP… not today in the news; other than, here on the west coast of Florida it is one beautiful day, personally I’ve had a couple of really good jobs and my cat is sitting on my lap wanting attention while I’m typing this, and concealed carry reciprocity made a gain in Congress. Truth?… I hope everyone here is having a good one too. It’s the small things that make life wonderful. To heck with all the other ‘S’.

  3. Braveheart1776 says:

    The taxman cometh. The taxman could also ‘disappear’.

  4. No different than precious when it comes to taxation. It is an asset, same as PMs.

    The only time you are liable for taxes is when you sell either one. If you buy and hold they are not looking at your records. They can only tax you when you convert to FRNs. Then you are dealing in the scrip of the realm and they want their cut.

    It’s called capital gains.

  5. Larry says:

    Excuse me but all most people have to do is learn what the actual law says….see losthorizons.com

  6. Traitor Hator says:

    Next they will hand over the list of concealed weapon holders for round up?

  7. joe schmoe says:

    silver and gold coins that are US mint coins are US money and as such not subject to cap gains under the REAL constitutional law. The constitution has been shredded and these criminals in IRS and govt don’t give a crap.
    Short rope tall tree. after their trial and conviction of course
    fuck you NSA, FBI, Obama hate America holdovers etc.

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