The taxman cometh for Coinbase users
Over 14 000 Coinbase accounts will be reviewed by the IRS, according to coindesk.com.
The IRS has ordered Coinbase to hand over details of more than 14 000 accounts.
"Following a lengthy legal battle between the two entities, the San-Francisco district court ruled Tuesday that Coinbase must hand over user accounts at the exchange that bought, sold, sent or received sums of $20,000 and higher between 2013 and 2015."
This may send shivers down the spines of many cryptocurrency users hoping to avoid the tax man. Clearly, the IRS is seeking to shut down potential tax evasion and possible money-laundering via cryptocurrency.
Coinbase is one of the most popular entry-points for buyers wishing to convert their fiat to Bitcoin, Ethereum, or Litecoin.
sources:
https://www.coindesk.com/coinbase-ordered-to-hand-irs-data-on-over-14000-users/
https://www.irs.gov/themes/custom/pup_base/images/...
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