Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Court Rules IRS Can Seek Information on Bitcoin Customers
WSJ ^ | Dec. 1, 2016 | Paul Vigna

Posted on 12/01/2016 4:53:34 AM PST by TigerLikesRooster

Court Rules IRS Can Seek Information on Bitcoin Customers

Agency to serve Coinbase with summons as part of wide-ranging tax probe

By Paul Vigna

Updated Dec. 1, 2016 4:35 a.m. ET

A federal court on Wednesday ruled that the Internal Revenue Service can serve digital-currency-services company Coinbase with a “John Doe summons” that seeks detailed information on its customers’ transactions from 2013 to 2015.

The IRS and the Justice Department are looking for information about the use of the digital currency bitcoin and the possibility that it has been used to evade federal tax laws over the three-year period. The agencies don’t have any proof of tax evasion, and there is no allegation that Coinbase engaged in any wrongdoing.

“We are aware of, and expected, the Court’s ex parte order today,” Coinbase said in a statement. “We look forward to opposing the DOJ’s request in court after Coinbase is served with a subpoena. As we previously stated, we remain concerned with our U.S. customers’ legitimate privacy rights in the face of the government’s sweeping request.”

(Excerpt) Read more at wsj.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bitcoin; irs; tax

1 posted on 12/01/2016 4:53:34 AM PST by TigerLikesRooster
[ Post Reply | Private Reply | View Replies]

To: TigerLikesRooster; Vermont Lt; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; ...

P!


2 posted on 12/01/2016 4:54:14 AM PST by TigerLikesRooster (dead parakeet + lost fishing gear = freep all day)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

SLAMMM!!! Get out of here GREENIE Hillary WHA - NA - BE!!!!!! SLAM!!!! Cort dismissed!!!!!


3 posted on 12/01/2016 5:00:16 AM PST by SandRat (Duty - Honor - Country! What else need s said?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

No surprise there. Bitcoin was always vulnerable to people exchanging to fiat. This will just make the price go up more.


4 posted on 12/01/2016 5:00:19 AM PST by palmer (turn into nonpaper w no identifying heading and send nonsecure)
[ Post Reply | Private Reply | To 2 | View Replies]

To: TigerLikesRooster

“The agencies don’t have any proof of tax evasion, and there is no allegation that Coinbase engaged in any wrongdoing.”

Then how in he!! can any one get a warrant for search? Isn’t there a little thing about probable cause and specifically stating what is being looked for in that great document.......


5 posted on 12/01/2016 5:01:07 AM PST by JParris
[ Post Reply | Private Reply | To 2 | View Replies]

To: TigerLikesRooster

People who trade Bitcoin understand this. If you are not doing anything screwy, it is not a big deal.

Bitcoin as a tool for criminals was a non starter.


6 posted on 12/01/2016 5:11:05 AM PST by Vermont Lt (Brace. Brace. Brace. Heads down. Do not look up.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

The underreporting of income is likely the gain made on the currency. Could be large amounts of tax plus penalties and interest to collect.


7 posted on 12/01/2016 5:19:16 AM PST by Raycpa
[ Post Reply | Private Reply | To 1 | View Replies]

To: JParris

Details on how they get a warrant here.

https://www.irs.gov/irm/part25/irm_25-005-007.html#d0e235


8 posted on 12/01/2016 5:19:39 AM PST by Moonman62 (Make America Great Again!)
[ Post Reply | Private Reply | To 5 | View Replies]

To: TigerLikesRooster

Yet another reason to abolish the dictatorial IRS


9 posted on 12/01/2016 5:47:46 AM PST by boknows
[ Post Reply | Private Reply | To 1 | View Replies]

To: boknows
"Yet another reason to abolish IMPRISON the dictatorial IRS"

Sorry, I'm not as forgiving as you are. Koskinen, Lerner, and many others need to go to prison FOR A LONG TIME for their actions.

10 posted on 12/01/2016 6:20:54 AM PST by Henchster (Free Republic - the BEST site on the web!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: Raycpa

Clif High’s December ALTA report hints that a windfall tax on “excessive gains” might be attempted.


11 posted on 12/01/2016 7:09:22 AM PST by Myrddin
[ Post Reply | Private Reply | To 7 | View Replies]

To: TigerLikesRooster

Untraceable digital currency terrifies authoritarians.

They want a cashless society and digital currency that they cannot control or track is their worst nightmare.

Kim Dotcom is setting up a new digital blockchain currency.
It’s to be the payment method for his new Megaupload 2 service. It’s basically a tweaked version of BitCoin if what I have heard is correct. It’s for micro-payments.

https://twitter.com/KimDotcom


12 posted on 12/01/2016 7:38:48 AM PST by Bobalu (See liberal MSM heads explode...make Milo Yiannopoulos Trump's new Press Secretary!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

Suspicions about the necessity of encrypting Bitcoin use and transfer now entirely justified.


13 posted on 12/02/2016 9:07:17 AM PST by Laser_Ray
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson