Coinbase bitcoin taxes 2016
According to the government agency, all is not right in the land of blockchains — and it's past time the company play ball. The beef spans back toreports Bloombergwhen the IRS requested data on the service's users claiming that an unspecified number failed to properly report their holdings for tax purposes. Coinbasefor its part, called the summons overly broad and refused to comply. This app will automatically invest your spare change in cryptocurrency.
So what's going on here? Is coinbase bitcoin taxes 2016 IRS on a so-called fishing expedition, simply hoping to stumble across some untoward behavior? Or is there actually something to coinbase bitcoin taxes 2016 allegations? We reached coinbase bitcoin taxes 2016 to the IRS to ask that very question, but received no response as of press time.
However, Bloomberg notes that "The IRS said it detected a 'reporting gap' between thevirtual currency users Coinbase reported between and and the less than bitcoin users reporting gains or losses for each of those years. If that's true, and the IRS is successful in its effort to get access to Coinbase user data, a coinbase bitcoin taxes 2016 of people could end up owing the U.
That's because, according to the IRS"virtual currency is treated as property for U. Not all Coinbase users need to fear the watchful eye of the Tax Man, however. While the IRS initially requested coinbase bitcoin taxes 2016 on all of the company's account holders, that number has since been whittled down to 14, So what does Coinbase have to say about all this?
We reached out to the company for comment, but have yet to receive a response. And while we'll certainly update this when and if we hear back, the company already put forth its own opinion of what's going on in court documents.
Whether or not that is true is now up for a judge to decide — a decision that 14, Coinbase users will likely be anxiously awaiting. We're using cookies to improve your experience. Click Here to find out more. Tech Like Follow Follow. This baby flamingo in blue boots will make your day.