26 Nov '16, 1pm

Expert: Any Bitcoin Exchange May Follow Coinbase Requested By IRS To Expose Users

Expert: Any Bitcoin Exchange May Follow Coinbase Requested By IRS To Expose Users

The U.S. Internal Revenue Service (IRS) is coming under increasing scrutiny following its request to view the transaction records of Coinbase. The focus on Coinbase, which the exchange described as “indiscriminate” in breadth, is poignant, coming after a treasury audit highlighted a range of failures by the IRS. As the exchange promises to go to court over the request, experts are joining in the debate in a bid to demonstrate the need for more realistic regulatory management surrounding taxation of the everyday cryptocurrency user. IRS shows users still bear responsibility Perry Woodin, CEO of Dash masternode provider Node40, told Cointelegraph that despite any intermittent confusion, the burden of tax reporting still falls on users themselves: “The issues around compliance will be remedied, but it is going to require guidance from the regulatory authorities along with a t...

Full article: https://cointelegraph.com/news/expert-any-bitcoin-exchang...

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