U.S. court authorizes IRS to seek identities of taxpayers who have used cryptocurrency


FILE PHOTO: Representations of the Ripple, bitcoin, etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration

(Reuters) - A federal court in the United States has authorized the Internal Revenue Service (IRS) to serve a "John Doe Summons" on the crypto exchange Kraken, seeking identities of U.S. taxpayers who have used cryptocurrency, the Department of Justice said on Wednesday.

The IRS is seeking information about taxpayers who conducted at least $20,000 worth of transactions in cryptocurrency from 2016 to 2020, the DOJ said in a statement.

"Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer", acting Assistant Attorney General David Hubbert of the Justice Department's Tax Division said in the statement.

(Reporting by Kanishka Singh in Bengaluru; and Leslie Adler)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

   

Next In Tech News

Australian research finds 'pervasive' privacy breaches on health apps
Are games in children's learning apps harmless or addictive?
Learning a musical instrument by app: How well does it really work?
Like it or not, Facebook is still around but who's still on it?
Wall of sound: Ikea's new Sonos speaker is literally a piece of art
AI-powered Mayflower, beset with glitch, returns to England
Pressure on Pornhub grows after 34 women sue
As Cyberpunk reboots, can unloved games win an extra life?
After user exodus, WhatsApp promises new privacy features
Rear view cameras - giving your car eyes in the back of its head

Stories You'll Enjoy


Vouchers