News & Analysis as of September 21, 2024

Virtual Currency › John Doe Investigation

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Kraken Loses Bid To Avoid Turning Over Customer Information to IRS

BakerHostetler on 7/17/2023

In a recent ruling, a California federal judge held that Kraken, an online cryptocurrency exchange program, has to turn over user information to the IRS as a result of a John Doe summons originally served on Kraken in 2021....more

IRS Wins Ex-Parte Petition for Another Crypto John Doe Summons

Freeman Law on 10/14/2022

On September 21, 2022, the U.S. District Court for the Southern District of New York granted the IRS’s ex-parte motion for leave to serve a John Doe summons to M.Y. Safra Bank after the IRS’s investigation into digital asset...more

The Tax Man Isn't Leaving: The IRS Continues to Issue John Doe Summonses Relating to Virtual Currency Transactions

BakerHostetler on 9/29/2022

Key Takeaways - ..A court approved the issuance of a John Doe summons by the IRS to a bank aimed at identifying individuals who are potentially avoiding their income tax obligations relating to cryptocurrency...more

The Tax Man Is Back: IRS Issues First John Doe Summons in 2022 to Major Crypto Platform, Seeking Treasure Trove of Information on...

BakerHostetler on 8/22/2022

Key Takeaways: ..The IRS issued its fourth John Doe summons against digital asset platform sFOX, seeking information regarding user identity and transaction activity over $20,000. ..The use of John Doe summonses...more

The IRS Is Cracking Down On Cryptocurrency Tax Reporting

Foodman CPAs & Advisors on 7/20/2021

If you’ve engaged in cryptocurrency or other virtual currency transactions worth $20,000 in any one year between 2016 and 2020, the IRS wants to hear from you. The IRS believes thousands of taxpayers are not telling the...more

Finding John Doe, Part II: IRS Secures Another Victory to “Root Out” Virtual Currency Tax Noncompliance

McDermott Will & Emery on 5/7/2021

The Internal Revenue Service (IRS) has scored another significant victory in its rapidly increasing virtual currency tax enforcement efforts. On May 5, 2021, the US District Court for the Northern District of California...more

The IRS is Hunting for Cryptocurrency Investors with John Doe Summonses

Gray Reed on 5/6/2021

The IRS has several tools in its arsenal to encourage compliance and audit and enforce those it believes are failing to comply. One of the most powerful tools is the John Doe summons. A regular IRS summons seeks information...more

DOJ and IRS’ Analysis of Crypto Records and Work with Private Experts and International Partners Leads to Arrest

McDermott Will & Emery on 4/30/2021

US law enforcement continues to make no secret of their efforts to work closely with experts and overseas partners to prosecute those involved in virtual currency transactions who attempt to rely on its purported anonymity to...more

Finding John Doe: IRS Steps up Enforcement Efforts to Take the Anonymity Out of Virtual Currency

McDermott Will & Emery on 4/21/2021

The Internal Revenue Service (IRS) is stepping up its virtual currency enforcement, and taxpayers who have engaged in a cryptocurrency transaction should immediately assess any potential tax implications as the IRS has...more

El IRS está pendiente al Cripto

Foodman CPAs & Advisors on 7/16/2018

El Jefe de Investigación Criminal del IRS, Don Fort, declaró recientemente: "Es posible utilizar Bitcoin y otras Criptomonedas de la misma manera que las cuentas bancarias extranjeras para facilitar la evasión de impuestos"....more

Coinbase Notifies 13,000 Of Its Customers Of Upcoming Data Release To Internal Revenue Service

Fox Rothschild LLP on 2/27/2018

On Friday, Coinbase, the largest U.S.-based Bitcoin exchange, notified approximately 13,000 of its customers that it would be turning over their account information to the Internal Revenue Service within 21 days. This...more

Court Enforces — Partially — IRS “John Doe” Summons Served on Virtual Currency Exchanger

Ballard Spahr LLP on 12/7/2017

Last week, a federal magistrate judge in the Northern District of California granted in part and denied in part a motion by the IRS to enforce a “John Doe” summons served on Coinbase, Inc., which operates a virtual currency...more

Coinbase Ordered To Turn Over Bitcoin Trading Records Of Over 14,000 Customers To Internal Revenue Service

Fox Rothschild LLP on 12/1/2017

The Internal Revenue Service has prevailed in its long-running dispute with Coinbase, the largest U.S.-based Bitcoin exchange, with a federal judge ordering Coinbase to comply with a “John Doe” summons seeking customer...more

Cryptocurrency Traders Beware – The Taxman Cometh!

Sheppard Mullin Richter & Hampton LLP on 8/30/2017

As the collective market cap of the cryptocurrencies has jump above $150 billion, traders and investors have accumulated significant gains. That’s the good news. The bad news is that the Internal Revenue Service is stepping...more

Blockchain Week in Review – May 2017 #4

Perkins Coie on 5/30/2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

2016 Year End Review: Virtual Currency: DOJ and IRS Broadly Seek Virtual Currency Account User Information

Ballard Spahr LLP on 2/7/2017

Under Internal Revenue Code section 7609(f), the IRS may issue a “John Doe” administrative summons to discover the identities of unknown taxpayers. A “John Doe” summons can be a powerful enforcement tool because it allows the...more

Bitcoin and the IRS - The Battle Continues

Spilman Thomas & Battle, PLLC on 1/26/2017

Dispute is heating up over IRS’s attempts to get personal information about users of Bitcoin and other virtual currencies. Last November, the Internal Revenue Service (“IRS”) filed a petition in the United States...more

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Virtual Currency › John Doe Investigation

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