IRS Summons Of Circle And Poloniex User Data Authorized
An IRS summons compelling Circle to provide data on customers who made significant cryptocurrency transactions has been authorized.According to an April 1, 2021, release from the U.S. Department of Justice, a federal court in Manhattan has entered an order authorizing the IRS to serve a John Doe summons to cryptocurrency payments company Circle and its subsidiaries, including the cryptocurrency exchange Poloniex. A John Doe summons is an investigative tool used by the IRS to obtain information about unidentified U.S. taxpayers. In this case, it is attempting to compel Circle to provide....
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The Internal Revenue Services will seek information from Circle on all U.S. taxpayers who traded at least $20,000 worth of crypto between 2016 and 2020. A U.S. federal court has granted authorization to the Internal Revenue Service, or IRS, to serve a John Doe summons to fintech firm Circle seeking all information on U.S. taxpayers who traded at least $20,000 worth of crypto assets on its platforms between 2016 and 2020.The summons will apply to Circle Internet Financial Inc. including all “predecessors, subsidiaries, divisions, and affiliates, including Poloniex LLC.”According to the....
A federal judge has approved an Internal Revenue Service summons requiring bitcoin wallet and exchange Coinbase to disclose transaction records of bitcoiners between January 1, 2013 and December 31, 2015. In statements, Caroline D. Ciraolo, head of the Justice Department’s Tax Division stated: As the use of virtual currencies has grown exponentially, some have raised questions about tax compliance. Tools like the John Doe summons authorized today send the clear message to U.S. taxpayers that whatever form of currency they use – bitcoin or traditional dollars and cents – we will work to....
The recent John Doe summons developments indicate that the IRS is seriously interested in crypto — better to report than to be audited. The United States Internal Revenue Service has been hunting crypto vigorously for more than five years now, and the pace is getting faster. A couple of decades ago, the IRS was after offshore accounts, and that effort was among the most successful in the IRS’ history. Now, it’s crypto the IRS is after, and there’s no suggestion that the IRS intends to fail. The IRS wants crypto tax data in a big way, from asking about crypto on each tax return to its....
On November 17, the IRS filled a “John Doe” summons targeting transaction records of prominent bitcoin company Coinbase’s bitcoiners registered between January 2013 and December 2015. At the time, the exchange argued it takes user privacy very seriously, and as such it would work towards protecting it. On December 1, a federal judge approved the IRS summons, and demanded Coinbase to reveal user transaction records. Soon, a Coinbase customer named Jeffrey K. Berns, who is also a lawyer, filed a motion to block the IRS’ efforts to access Coinbase users’ records. Since the IRS filed a John....
The Internal Revenue Service (IRS) has obtained authorization from a federal court to seek information on cryptocurrency users from Circle and Poloniex exchange platforms. The tax authority wants records identifying crypto users who conducted $20,000 or more in crypto transactions during the years 2016 to 2020 as well as other documents relating to their crypto transactions. IRS Got Court Approval to Summon Data on Crypto Users From Circle and Poloniex The U.S. Department of Justice (DOJ) announced Thursday that a federal court has authorized the IRS “to serve a John Doe....