Court Orders IRS To Seek Taxpayers Who Used Cryptocurrency

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The United States Internal Revenue Service (IRS) is currently seeking information about the country’s taxpayers who conducted transactions worth at least $20,000 in cryptocurrencies between 2016 and 2020.

According to the U.S. Department of Justice on May 5, a federal court in the United States has authorized the IRS to issue a “John Doe Summons” for a U.S.-based cryptocurrency exchange and bank in which Kraken searches for the identities of U.S. taxpayers who have used cryptocurrencies.

David Hubbert, the acting assistant attorney general of the Justice Department’s tax division, explained the reason for the recent court approval in a statement: “Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer.”

For more information, read the original story in Reuters.

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