Laura Jehl and Stephanie Malaska write about the IRS Coinbase case. If you didn’t follow it or understand its implications, their article may help you get quickly up to speed. Here’s a snippet:
….. A recent decision by the U.S. District Court for the Northern District of California on these actions has brought issues of cryptocurrency account holders’ privacy, anonymity and tax liability onto center stage.
In November 2016, the IRS launched an investigation into underreported tax liabilities for gains from virtual currency. As part of that investigation, the agency served a “John Doe” summons on Coinbase Inc., a Silicon Valley-based crypto exchange that boasts upward of 10 million users and more than $50 billion in digital currency exchange.
Read more on BakerHostetler Data Privacy Monitor.