News & Analysis as of

Summons Tax Avoidance

BakerHostetler

Kraken Loses Bid To Avoid Turning Over Customer Information to IRS

BakerHostetler on

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

Freeman Law

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

Freeman Law on

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

BakerHostetler

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

BakerHostetler on

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

Gray Reed

IRS Continues to Hunt for Cryptocurrency Investors with John Doe Summonses

Gray Reed on

The IRS knows it has a problem, in that it knows there are far more cryptocurrency transactions than are being reported on tax returns. The IRS may also get an $80 billion increase in funding for enforcement that will help...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

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