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U.S. court authorizes IRS to seek identities of taxpayers who have used cryptocurrency

Stock MarketsMay 05, 2021 07:00PM ET
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© Reuters. FILE PHOTO: Representations of the Ripple, bitcoin, etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration

(Reuters) - A federal court in the United States has authorized the Internal Revenue Service (IRS) to serve a "John Doe Summons" on the crypto exchange Kraken, seeking identities of U.S. taxpayers who have used cryptocurrency, the Department of Justice said on Wednesday.

The IRS is seeking information about taxpayers who conducted at least $20,000 worth of transactions in cryptocurrency from 2016 to 2020, the DOJ said in a statement.

"Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer", acting Assistant Attorney General David Hubbert of the Justice Department's Tax Division said in the statement.

U.S. court authorizes IRS to seek identities of taxpayers who have used cryptocurrency
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Comments (7)
Edward Jones
Edward Jones May 05, 2021 10:46PM ET
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In the US the average prison sentence for tax evasion is the same as the average prison sentence for ******** Tells you all you need to know about the government. While people are out there ri.oting about whether police should even carry gu.ns, the IRS has around 5000 in their possession that certain tax agents carry.
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Edward Jones
Edward Jones May 05, 2021 10:46PM ET
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**** = rr.aa.pp.ee
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Connecticut Yankee
A_Jaundiced_Eye May 05, 2021 10:45PM ET
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This has been my whole argument against Crypto.  People with a libertarian bent are attracted to the Independence aspect of these currencies.  But the Federales will NEVER allow these currencies to be out of their control.  This is only a minor crackdown.  But it is a precursor of MANY MORE to come!
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Edward Jones
Edward Jones May 05, 2021 10:45PM ET
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The biggest crime is that they do not let people write off their losses for holding fiat. The USD has lost over 50% of its value since 1990. It takes $2.07 today to equal the value of $1 in 1990...disgusting.
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Edward Jones
Edward Jones May 05, 2021 10:45PM ET
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I would also argue that libertarians want to vote in different politicians. People are voting in these politicians who are making life miserable for all.
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Charlie Norton
Charlie Norton May 05, 2021 10:45PM ET
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I would argue that libertarians want to vote in different politicians to change things. Libertarians generally do not support the bipartisan corruption and tribalism that has empowered the current tyranny.
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Tony Ab
Tony Ab May 05, 2021 8:29PM ET
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Is my first year kn crypto ( 2021) im dealing with coin base . And i plan to report every single penny ( if i make any ) . Im already dreading how i keep track of all fk transaction . With stocks is easy the broker does the work but how in fk i will keep track of this with coinbase God knows
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Edward Jones
Edward Jones May 05, 2021 8:29PM ET
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May not be as tough as you think especially if you are only using Coinbase. I think with Coinbase you can even load the transactions from Coinbase directly into things like TurboTax. I did a ton of transactions and use a dedicated crypto tax calculation platform but Coinbase was an easy export, it was the reconciling with other accounts that took a bit of time.
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Edward Jones
Edward Jones May 05, 2021 8:29PM ET
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If you are not making many transactions and just using Coinbase, it probably will not be as hard as you think. I made a ton of transactions and used a crypto tax calculation platform and spent some time making sure all the transactions reconciled. If you are just using one platform (Coinbase) you may even be able to import your transactions directly into something like TurboTax even if you do not use a dedicated crypto tax calculation platform to do it for you. I think the people who have the most trouble are those who do not report some years and then start reporting...tough for them to reconcile their cost basis...and if they want to do it right then they have to go back and re-file their old tax returns.
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Billy Sim
Billy Sim May 05, 2021 7:26PM ET
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I do not get why people who hate tax and commit tax evasion vote for people like Biden who raise tax and provide billions of additional funding to the IRS to do stuff like this. I am for smaller government and less tax, and I did not vote for Biden. But I paid every cent that I owe on my crypto trades, and hope that they do aggressively go after mor.ons who did not report their transactions so maybe they will think twice about who they vote for. The IRS only does what it does because of the politicians in power.
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Billy Eli
Billy Eli May 05, 2021 7:13PM ET
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I do not get why people who ha.te tax and commit ta.x eva.sion vote for people like Bid.en who raise tax and provide billions of additional funding to the IRS to do stuff like this. I am for smaller government and less tax, and I did not vote for Bi.den. But I paid every cent that I owe on my crypto trades, and hope that they do aggressively go after mo.rons who did not report their transactions so maybe they will think twice about who they vo.te for. The IRS only does what it does because of the politicians in power.
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New Jazenevd
New Jazenevd May 05, 2021 7:06PM ET
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If foreign-based cryptoexchanges refuse summons, then quite possible US makes dealing with them illegal.
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danny Levine
danny Levine May 05, 2021 7:02PM ET
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more surveillance and rights persecution
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