Friday, May 9, 2025

IRS Authorized to Pursue Identities of US Taxpayers Who Have Used Cryptocurrencies

It appears that government crackdowns on cryptocurrency users are becoming more prominent, especially when it comes to potential tax evasion.

According to a statement published by the US Department of Justice (DOJ), a federal court in California has given authorization to the Internal Revenue Agency (IRS) to serve a John Doe summons on cryptocurrency exchange Kraken, which is a subsidiary of Payward Ventures Inc. The objective of the summons is to seek our the identities of Americans who have conducted cryptocurrency transactions via Kraken in excess of $20,000 between the years 2016 and 2020.

According to the DOJ, the summons serves as a major step in ensuring that cryptocurrency owners are being complicit with US tax laws. “There is no excuse for taxpayers continuing to fail to report the income earned and taxes due from virtual currency transactions,” said IRS Commissioner Chuck Rettig. “This John Doe summons is part of our effort to uncover those who are trying to skirt reporting and avoid paying their fair share,” he added.


Information for this briefing was found via the DOJ. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

President Biden Eyes Biggest Federal Tax Hike Since 1993 in Next Major Economic Plan

While numerous households across the US celebrated as they received their stimulus checks, the current...

Tuesday, March 16, 2021, 09:48:00 AM

Biden Administration Eyes Raising Capital Gains Tax to 43.4% to Fund $1.5 Trillion ‘Human Infrastructure Package’

US markets were sent into a tailspin on Thursday, after details surrounding the Biden administration’s...

Thursday, April 22, 2021, 04:51:57 PM

Court Validates IRS Access To Coinbase User Data Via “John Doe” Summons

In a groundbreaking decision, a US Federal court has granted the Internal Revenue Service (IRS)...

Monday, June 5, 2023, 01:28:00 PM

Canadian Dissatisfaction with Federal Spending and Taxation Grows

A vast majority believe they pay too much in taxes for the services they receive....
Monday, July 29, 2024, 02:02:00 PM

Biden’s Corporate Tax Hike Could Eliminate Millions of US Jobs

Although Biden’s proposed ambitious corporate tax plans will increase government revenue and reduce the incentive...

Friday, April 9, 2021, 04:03:00 PM