Stearns found that there is a reasonable basis for believing that cryptocurrency users may have failed to comply with federal tax laws.

Because transactions in cryptocurrencies can be difficult to trace and have an inherently pseudo-anonymous aspect, taxpayers may be using them to hide taxable income from the IRS. We will enforce the law where we find systemic noncompliance or fraud.вЂќД¬ryptocurrency, as generally defined, is a digital representation of value. вЂњThe John Doe summons is a step to enable the IRS to uncover those who are failing to properly report their virtual currency transactions. taxpayers that the IRS is working to ensure that they are fully compliant in their use of virtual currency,вЂќ said IRS Commissioner Chuck Rettig. вЂњTools like the John Doe summons authorized today send the clear message to U.S. вЂњThe Department of Justice will continue to work with the IRS to ensure that cryptocurrency owners are paying their fair share of taxes.вЂќ Hubbert of the Justice DepartmentвЂ™s Tax Division. вЂњThose who transact with cryptocurrency must meet their tax obligations like any other taxpayer,вЂќ said Acting Assistant Attorney General David A. The IRS is seeking the records of Americans who engaged in business with or through Circle, a digital currency exchanger headquartered in Boston. taxpayers who conducted at least the equivalent of $20,000 in transactions in cryptocurrency during the years 2016 to 2020. A federal court in the District of Massachusetts entered an order today authorizing the IRS to serve a John Doe summons on Circle Internet Financial Inc., or its predecessors, subsidiaries, divisions, and affiliates, including Poloniex LLC (collectively вЂњCircleвЂќ), seeking information about U.S.

Office 2011 identities message sources