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.