BITCOIN EXCHANGE COINBASE TO COMPLY WITH IRS TAX SUMMONS

Tax News on 28th February reported that Coinbase, a virtual currency wallet and virtual currency exchange service provider, has confirmed it will soon transmit information on the transactions of 13,000 customers to the IRS, as a result of an earlier court ruling.  The case follows a December 2016 summons received by the company from the IRS, which demanded that Coinbase produce a wide range of records relating to approximately 500,000 Coinbase customers, which it fought in court.  After a long process, the Court issued an order providing that Coinbase should produce only certain limited categories of information from the accounts of approximately 13,000 customers.

https://www.tax-news.com/news/Bitcoin_Exchange_Coinbase_To_Comply_With_IRS_Tax_Summons____76459.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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