20 Mar '17, 12pm

Only 802 people declared bitcoin earnings to IRS in 2015, fueling Coinbase legal spat

The Internal Revenue Service (IRS) revealed new details about its investigation into tax evasion related to bitcoin, filing court documents that suggest only a tiny percentage of virtual currency owners are reporting profits or losses in their annual returns. The new documents, filed Thursday in San Francisco federal court, come in the midst of a closely-watched legal fight between the IRS and Coinbase, a popular service for buying and selling bitcoins that hosts over a million customer accounts. The dispute began last year when the IRS issued a sweeping summons for Coinbase to turn over a vast amount of customer data, including every customer account as well as detailed transaction records. Coinbase claimed the IRS demands are illegally broad and refused to comply, which in turn led the IRS to file a federal lawsuit last week to enforce the summons. While the lawsuit did ...

Full article: http://venturebeat.com/2017/03/20/only-802-people-declare...

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