Bitcoin

U.S. law firm says IRS is tracking Coinbase users who escape tax

David W. Klasing’s tax office, A California boutique tax agency released a public statement warning investors that the U.S. Internal Revenue Service is taking Coinbase users seriously.

The firm’s dual-licensed tax attorneys and capital use specialists say they have seen an increase in IRS compliance activities against Coinbase users who fail to comply with their tax and reporting obligations.

Evasive maneuvers could “later face serious civil and criminal problems”takes note of the signature in its November 11 press release and adds:

“If you did not report in your previous statements that you held Bitcoin or other virtual currencies, or provided an incomplete or misleading picture of your cryptocurrency holdings, now is the time to take action to correct it. Once an audit or criminal tax investigation has begun, it will be too late to change your returns or enroll in a voluntary disclosure program. “

U.S. law firm says IRS is tracking Coinbase users who escape tax
U.S. law firm says IRS is tracking Coinbase users who escape tax

Coinbase released a transparency report in October which the law firm said should be “an important wake-up call” for users of the exchange.. It was clear from this report that both the IRS and its Criminal Police, as well as the FBI and CIA, made requests for information in the exchange.

The increase in IRS enforcement activity against tax evading Coinbase users seems to confirm that the exchange works closely with federal agencies. The company notes:

“These dates [en el informe de octubre] Make it clear that the IRS is requesting information from Coinbase to specifically compare it to their own tax records and look for discrepancies where Coinbase holdings have not been reported in tax returns. “

As previously reported, So far, U.S. courts have confirmed the IRS’s authority to summon complete data and financial records as part of its investigations into the tax liabilities of individual Coinbase users.

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