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IRS Seeks Names of Virtual Currency Users in Tax Probe
Source:
abcnews.go.com
- Dec 2, 2016
The IRS obtained a court order Wednesday allowing it to seek the names of people who may have failed to pay taxes on virtual currency exchanged through a San Francisco company.
The order allows the agency to issue a summons on Coinbase Inc. for the names of U.S. taxpayers who have used the company's services between 2013 and 2015. Coinbase — an online platform where people can exchange virtual currency such as bitcoin — has nearly 5 million users, according to its website. It is among the world's largest exchangers of bitcoin into U.S. dollars and has partnerships with Overstock, Dell, Expedia and other companies, prosecutors said in court documents.
An IRS agent interviewed two corporations that had accounts at Coinbase and attempted to conceal bitcoin transactions as technology expenses on their tax returns, prosecutors said in a memo supporting their request for a court order.
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Category: General Business
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