The Internal Revenue Service (IRS) has taken another step towards its efforts to access to United States Coinbase customer accounts. In December of 2016, the IRS fired back, arguing that since he outed himself as a Coinbase user, Berns was no longer subject to the summons, making his motion moot.
Hello! Welcome to a new episode of Crypto Tips. Today I want to talk about the news regarding the IRS and Coinbase. Now, in the time since I made my last video, there have been a few new developments.
A judge has officially granted the IRS, what is called a John Doe Summins, and this would grant them access to Coinbase user records. According to a recent article published by coindesk.com, the Bitcoin Exchange website Coinbase won't give in that easily. They plan to fight the summons, but of course, if they're forced to comply, they will ultimately have to give the IRS the data they are after. Fortunately for us, the IRS has no prior system put in place for enforcing reports on income from cryptocurrency investments.
This could prove a hurdle for them moving forward, but only time will tell. Now, let's say the IRS is successful in gaining access to certain Coinbase users, they will most likely keep this criteria out of the public knowledge, as a way to scare Coinbase users into volunteering their information. If this whole idea of the IRS snooping around your cryptocurrency income is making you feel really stressed, you can always hire a cryptocurrency accountant they do indeed exist to go through your information and help you feel more at ease. Thank you for watching this episode of Crypto Tips.
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