Wednesday, June 19, 2019

IRS Summons to Uncover Unreported Virtual Currency Gains Partially Enforced

In U.S. v. Coinbase, Inc., et al, (DC CA 11/28/2017) 120 AFTR 2d ¶2017-5538

IRS has been granted partial enforcement of a summons served on Coinbase, a virtual currency exchange that represents the largest U.S. exchange of bitcoin into dollars. As part of its investigation into the reporting gap among virtual currency users, IRS originally sought information concerning all U.S. persons who conducted any transaction in a virtual currency over a multi-year period.

However, The Summons Was Ultimately Narrowed To Include Information Pertaining Only Those Accounts With At Least The Equivalent Of $20,000 In Any One Transaction Type.

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