NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Could the IRS Have Done Better Than Issuing Summons to Coinbase?

Gautham
Gautham
4 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The recent incident involving Coinbase and IRS is well known. The US government department responsible for enforcing tax compliance had issued a John Doe summons to the leading cryptocurrency platform. The summons demanded the company to furnish details about all its customers, their entire transaction history from 2013 till 2015 and any other information associated with their accounts.

The demands of IRS have been contested by Coinbase in the court since then. According to reports, IRS may have filed the petition for John Doe summons to show some progress to the Treasury Department after its Inspector General rebuked IRS for inaction. IRS’ move has been criticized widely across the cryptocurrency industry. In spite of knowing the properties of digital currencies, the department opted to generalize the whole community as potential tax evaders instead of establishing a better framework for reporting and filing cryptocurrency related taxes.

The thought is also shared by Perry Woodin, the CEO of Node40, who was recently interviewed by one of the online financial news outlets. He was reported by the publication stating that the customers of Coinbase would have obviously bought and held or sold the digital currency during the period of 2013 and 2015. But in the absence of proper guidelines, it is impractical to accept everyone to report gains or losses and file appropriate taxes.

Instead of going after Coinbase’s customers, it would have served better if IRS had put some effort into updating the tax guideline regarding cryptocurrencies. Also, the department could have made it easier for the taxpayers by creating a software system that would help cryptocurrency users calculate their taxes.

The volatile nature of Bitcoin and the complicated classification of the digital currency as multiple assets by different government bodies in the United States makes the whole process difficult for the users to wrap their head around.

The outcome of Coinbase’s appeal against IRS’ summons and its potential impact on the cryptocurrency ecosystem in the United States is yet to be known.

Ref: Financial Magnates | Image: NewsBTC
Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

스네이키웨이($AKE), AI 매수·인플루언서 제휴·블록체인 게임 앞세워 프리세일 개시

스네이키웨이($AKE), AI 매수·인플루언서 제휴·블록체인 게임 앞세워 프리세일 개시

전 세계적으로 블록체인 기술과 디지털 자산에 대한 관심이 높아지면서 암호화폐 시장은 지금 이 순간에도 빠르게 진화하고 있다. 실용성 중심이든 밈 기반이든 투자자의 이목을 끌기 위한...

Soyeon Lee 2 hours ago

TOKEN6900強勢吸金:1周融資破20萬美元 無視市場邏輯再掀迷因熱潮

TOKEN6900 (T6900)對所有所謂的“基本面”嗤之以鼻,用行動證明它不靠基本面也能贏 —— 上線僅一周便籌集超20萬美元。 這款全新迷因幣根本不在乎新聞怎麼說,也不在乎圖表怎麼走。它唯一的信...

estherw 3 hours ago
Bitcoin

Bitcoin In For Another 460% Run? This Rare Fiat Signal Just Returned

The Global Money Supply has just hit a rare yearly growth rate of 9%. Here’s what followed for Bitcoin the...

Keshav Verma 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin Traders Are Betting Against the Rally, Will It Backfire?

Bitcoin Traders Are Betting Against the Rally, Will It Backfire?

Samuel Edyme 13 minutes ago
xrp price xrpusdt

XRP Price Brewing A Monster Rally? This Patter Might Hold The Key

James Halver 1 hour ago
Bitcoin Price Retreats

Bitcoin Price Stalls Below $110K — Another Rejection for Bulls

Aayush Jindal 1 hour ago

Premium Sponsors

Press Releases

  • 3 altcoinuri de urmărit în prima săptămână a lunii iulie 2025

    6 hours ago
  • XRP versus Shiba Inu: Care criptomonedă are șanse mai mari să creeze milionari?

    XRP versus Shiba Inu: Care criptomonedă are șanse mai...

    7 hours ago
  • XRP, SOL, LTC holders turn to OPTO Miner to earn $5,777 in...

    10 hours ago
  • More and more XRP and ETH holders are turning to APT Mienr...

    10 hours ago
  • XRP versus Shiba Inu: Care criptomonedă are șanse mai mari să creeze milionari?

    ...

    12 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.