|
Title: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: IconFirm on November 29, 2016, 09:15:32 PM Quote The Internal Revenue Service, a U.S. government agency responsible for tax collection and tax law enforcement, has requested popular bitcoin trading platform and wallet service provider Coinbase to provide personal and sensitive financial data of millions of customers over the past three years for tax filing purposes. https://www.deepdotweb.com/2016/11/29/irs-demands-entire-coinbase-user-database-tax-purposes/ LULZ. Only in america. Watch them cave & divulge everything to any alphabetical agency who wants your data. Title: Re: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: tiggytomb on November 29, 2016, 09:24:09 PM I think the latest update was that Coinbase were going to go to court on this as the request is too broad, suppose we will just have to wait and see what happens although they will probably cave.
Title: Re: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: IconFirm on November 30, 2016, 12:44:03 AM I think the latest update was that Coinbase were going to go to court on this as the request is too broad, suppose we will just have to wait and see what happens although they will probably cave. Looks like it, but I don't see them winning, somehow..... https://blog.coinbase.com/2016/11/18/protecting-customer-privacy/ Title: Re: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: 1Referee on November 30, 2016, 09:17:14 AM I think the latest update was that Coinbase were going to go to court on this as the request is too broad, suppose we will just have to wait and see what happens although they will probably cave. Looks like it, but I don't see them winning, somehow..... https://blog.coinbase.com/2016/11/18/protecting-customer-privacy/ Coinbase doesn't stand a chance against the government as Bitcoin is being seen as a tool perfectly capable of offering people the option of tax evasion. But then again, it's nothing unexpected for me. I have been waiting for this to happen for quite some time now, and it's just a matter of time before other exchanges will be subject to such treatments from the government as well. This doesn't only make the need for decentralized exchanges bigger than ever, but it also gives me incentive to move away from Bitstamp and solely trade on BTC-E. If people don't fill in their tax reports in a honest manner (which I am of course also not doing), then the governments will come to you and get it. Ridiculous but it's the reality. Title: Re: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: Karartma1 on December 01, 2016, 07:04:53 PM Below there is an official update
http://www.coindesk.com/bitcoin-judge-approved-irs-coinbase-users/ "The IRS is seeking Coinbase user records from between 31st December, 2013 and 31st December, 2015. The startup said after the agency’s initial filing that it would oppose the effort." Title: Re: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: marcus_of_augustus on December 02, 2016, 02:20:26 AM Quote The Internal Revenue Service, a U.S. government agency responsible for tax collection and tax law enforcement, has requested popular bitcoin trading platform and wallet service provider Coinbase to provide personal and sensitive financial data of millions of customers over the past three years for tax filing purposes. https://www.deepdotweb.com/2016/11/29/irs-demands-entire-coinbase-user-database-tax-purposes/ LULZ. Only in america. Watch them cave & divulge everything to any alphabetical agency who wants your data. Its quite likely the alphabet agencies already have all the data they need and it is a case of parallel construction so they can catch the guys they have their eyes on without being seen to be acquiring evidence extra-judicially ... if they asked for the records of specific Coinbase users that would be enough proof that they had already obtained evidence illegally. With a Jon Doe request they can pretend they didn't already have the evidence they are 'looking' for. Title: Re: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: Kprawn on December 02, 2016, 04:01:39 PM This is the same argument they have with civilian surveillance... " We want ALL the information, and then WE will decide who we will target. "
So no matter if they suspect that you are a terrorist or in this case a tax evader, they will put everyone on the same level. I was under the impression Coinbase was working with the government in any way, so this might just be smoke & mirrors to create the impression that they not working for them. ::) Title: Re: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: BellaBitBit on December 03, 2016, 11:02:34 PM Why just coinbase? Will it go after others? There is no problem unless you sold for a big profit and did not report a gain. Title: Re: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: panju1 on December 04, 2016, 04:02:03 AM Why just coinbase? Will it go after others? There is no problem unless you sold for a big profit and did not report a gain. Of course they will go after all exchanges. In fact, exchanges might have standing orders to report all transactions to the IRS. If they can summon bank records of US citizens, they can ask exchanges to provide information too. Coinbase was just a test case... Title: Re: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: Tmdz on December 04, 2016, 07:05:29 AM This is the same argument they have with civilian surveillance... " We want ALL the information, and then WE will decide who we will target. " So no matter if they suspect that you are a terrorist or in this case a tax evader, they will put everyone on the same level. I was under the impression Coinbase was working with the government in any way, so this might just be smoke & mirrors to create the impression that they not working for them. ::) Pretty much it's about being under the radar at this point as far as not declaring your sells when you move money back into usd accounts. I think what they are trying to do is pin down the people moving large amounts, get the proof of transactions and then collect back taxes + fines. Consider this a bit of a scare tactic to get more people to be more honest in the current honor system of paying capital gains on btc. Really there is nothing to worry about, unless you move 100K a year and don't report it at all. I doubt they will ever require exchanges to report ALL sell and buys being the paper work will be far too costly for it to be worth it but they COULD require reports to the irs on accounts making trades over a certain limit. Title: Re: [2016-11-29] - IRS Demands Entire Coinbase User Database For Tax Purposes. Post by: digaran on December 04, 2016, 08:37:22 AM Good luck to them, soon bitcoin becomes a real currency when people start to notice the revolutionary potentials as just one being free from governments, one can turn bitcoins to gold or simply exchange them for other valued assets besides fiat and involving banks and their record keeping and control over the money.
Though I doubt it if they are even remotely interested in any trades and transactions below 1K bitcoins. Whenever there are a few billions involved the governments vultures show up :). |