Site Admin
Apr 2017
The US Congress wants answers from the Internal Revenue Service (IRS) about its investigation into Bitcoin tax avoidance, and they are due next week.

Senator Orrin Hatch, Representative Kevin Brady, and Representative Vern Buchanan have requested information about the IRS’s overall strategy toward digital currencies in a letter dated May 17, 2017. These answers are due by June 7, 2017. Notably, the three politicians took a negative tack toward a major IRS investigation targeting users of digital currency exchange Coinbase, writing in the letter:
[W]e strongly question whether the IRS has actually established a reasonable basis to support the mass production of records for half of a million people, the vast majority of whom appear to not be conducting the volume of transactions needed to report them to the IRS. Based on the information before us, this summons seems overly broad, extremely burdensome, and highly intrusive to a large population of individuals.

The letter represents the latest wrinkle in the months-long battle by the IRS to obtain user records from the exchange.

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