Cryptocurrencies do not escape taxes! And it is to american investors to learn the lesson. In effect, the Internal Revenue Service (IRS), the federal government agency responsible for collecting income and other taxes, announces that a judge has issued an order authorizing the summons to produce documents relating to to residents who have neither declared nor paid their taxes on cryptocurrency transactions.
Issued by U.S. District Judge Paul G. Gardephe, it is a assignment john doenot directly targeting an identified person, but which was quickly transmitted to the MY Safra Bank. This in order that it produce – obligatorily – information on the American taxpayers who have failed to report and pay taxes on cryptocurrency transactions.
The IRS is trying to scare taxpayers, recalling that it is currently leading an uphill struggle to find and tax tax evaders โ in connection with cryptocurrencies.
โThe government’s ability to obtain third-party information on those who fail to report their earnings from digital assets remains a key tool in catching tax evaders. ยป
Statement from the IRS Commissioner.
Cryptocurrency transactions in the tax sight
In this context, Safra Bank will have to issue information on the accounts of its customers who hold cryptocurrencies. But it seems that the summons has an even more precise purpose since the services seek information on the customers of SFOX, a prime cryptocurrency broker. The latter would indeed have had to deal with Safra Bank. And according to the Department of Justice (DOJ), these are here billions of dollars in transactions that have passed through its platform since its launch in 2015.
Additionally, a ten SFOX customers in an illegal situation would already be identified by the tax authorities. As part of this research, they take this opportunity to remind everyone that US law requires the declaration โprofits and losses related to cryptocurrency transactions in their tax returnsโ. Although the IRS itself acknowledges โgaps in tax compliance regarding cryptocurrencies. ยป
โTaxpayers are required to accurately report their tax liabilities on their returns, and debts that arise from cryptocurrency transactions are not exempt. The government is committed to using all tools at its disposal, including John Doe subpoenas, to identify taxpayers who have understated their tax obligations by not reporting cryptocurrency transactions, and to ensure that everyone pays their fair share. ยป
Official statement from the IRS.
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