Tax Bells in America: Court Approval for IRS Notices

In a federal court in the US, it approved the tax authority’s (IRS) request to send notices to cryptocurrency exchanges. The IRS is asking Kraken to notify some users on the exchange.

US Tax Office, 2016 and 2020 Between dates Crypto money On the stock exchange kraken And $ 20,000 Wants to see user information of taxpayers who have transacted with value.

Court approval has come

Ministry of Justice, published last night In the announcement He announced that the IRS’s request for notification had been approved.

Deputy Attorney General David A. Hubber, “People who transact with cryptocurrencies should fulfill their tax obligations like other citizens.” said.

Crypto asks for information of users

The court’s ruling does not mean there was a suspicious transaction on the Kraken. Rather, it empowers the IRS to obtain information about certain individuals who “may not have acted under the tax laws.”

Of these people Taxable in general Income With cryptocurrency transactions Hiding it is questionable.

The IRS sent a similar notice for coinbase and number in 2016 Coinbase users up to 500,000 Requested information about. CoinbaseAfter a lengthy legal battle, this number was calculated by court order. To reduce it to 13,000 Succeeded.