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Golden Outpost | Taxed? The IRS is authorized to request Kraken to provide user transaction records



Because cryptocurrency transactions are notoriously difficult to trace and anonymous, taxpayers may use them to hide taxable income.

Now the U.S. Internal Revenue Service (IRS) may be preparing to tax cryptocurrency transactions. The Internal Revenue Service (IRS) is seeking to obtain transaction records of U.S. taxpayers on digital currency exchanges.

A federal court in the Northern District of California issued an order on May 5 authorizing the Internal Revenue Service (IRS) to issue a John Doe subpoena to Payward Ventures and its cryptocurrency exchange, Kraken, for production of transactions between 2016 and 2020. Kraken traded more than $20,000 in cryptocurrency user records to identify U.S. taxpayers who "may not be in compliance with internal tax laws."

Analysis | Golden disk: BTC/USD bulls are approaching the city and the battle is about to start: Comprehensive analysis of the golden disk: BTC/USD has completed the consolidation at the $6,600 mark. Once the $6,600 is overcome, the upward space will be opened, and the market’s short-selling power will increase. At that time, a joint force will be formed, so at this stage, if you are short, you need to maintain enough courage, and for long funds, it is not suitable to take heavy positions for the time being, so as to prevent the trapped beasts from reluctance, and it is better for retail investors to wait for the trend to become clear before entering the market. [2018/8/20]

The so-called "John Doe summons" is also an alias summons. The real name of the defendant is not known at the time of delivery, but the summons issued under the name of John Doe can be supplemented and corrected if the real name of the defendant is clarified after delivery. .

Jinse Finance live report ShapeShift CEO: Bitlicense is an absolute failure and should be cancelled: Jinse Finance live report, today at the Coindesk 2018 Consensus Conference, ShapeShift AG CEO and founder Erik Voorhees said: "The Bitlicense in New York State is an absolute failure and should be cancelled. Get rid of Bitlicense, go back to 4 years ago, this may lure us practitioners back to New York." Voorhees said that there are currently four companies with BitLicense, New York welcomes a cryptocurrency startup every year, this is the innovation here Rate. [2018/5/16]

The John Doe subpoena issued by the IRS seeks information about unknown taxpayers with potential tax liabilities.

Jinse Finance’s exclusive analysis shows that the price of ant mining machines has been greatly reduced. The mining payback cycle is still long: the price of ant mining machines has been greatly adjusted. According to the official website of ant mining machines, the ant mining machine S9 once reached 19,000 yuan. The current price has been lowered to 9,000-10,500 yuan, and the greatly reduced mining machine costs have made the mining payback period shorter. In an ideal state, taking the current price of Bitcoin (49783.32) as an example, using the Antminer S9 with a computing power of 14TH/s for mining, assuming that the electricity fee is ¥0.47/KWh, the daily mining income is 50.62 yuan. Among them, the electricity fee is about 15.12 yuan, and the daily net profit is 35.5 yuan. Only the cost of electricity and mining machines will have a payback cycle of nearly 300 days. [2018/3/27]

"The collection of information in the subpoena approved today is an important step in ensuring that cryptocurrency owners comply with tax laws," said General David A. Hubbert, acting Assistant Attorney General of the U.S. Department of Justice's Tax Division. People who trade in currency must meet their tax obligations like other taxpayers."

"There is no excuse for taxpayers to continue not reporting income and tax due from virtual currency transactions," said IRS Commissioner Chuck Rettig.   "This John Doe subpoena is part of our effort to uncover Part of those trying to avoid reporting and avoid paying reasonable taxes."

Prior to this, on April 1, 2021, a Massachusetts federal court issued an order authorizing the IRS to require Boston-based digital currency exchange Circle to provide similar services for John Doe subpoenas.

The California statute does not charge Kraken with any wrongdoing related to its digital currency exchange business. Instead, according to the court order, the subpoena seeks information regarding the IRS's "investigation of an identifiable group or class of persons" that the IRS has reasonable grounds to believe "may not be in compliance with the Internal Revenue Code." According to a copy of the subpoena filed, the IRS directed Kraken to produce transaction records and other related documents to identify the actions of the U.S. taxpayers mentioned above.


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