The United States is Preparing to Levy Electronic Taxes

Bitcoin Nextcolumn

According to the Wall Street Journal (WSJ), late last year, the IRS (Internal Revenue Service) persuaded a federal judge to make a request to Coinbase must to submit information about 20 million customers, a San Francisco-based e-wallet trading and service platform.

The IRS has this move because they believe that very few bitcoin investors actually pay taxes on electronic money transactions.

The court ruling is one of the first moves by the IRS to prevent fraudulent cases involving electronic money.

As of March 16, the IRS will have about 13,000 active Coinbase account holders. These are people who buy, sell, send or receive $ 20,000 or more in electronic money from 2013-2015.

The IRS data collected includes the customer name, taxpayer identification number, date of birth, address, account statement and name of the electronic money transaction platform.

Lawyer Bryan Skarlatos of the New York-based Kostelanetz & Fink Law Firm has experience in similar lawsuits, warning investors of electronic money that the IRS has successfully “penetrated” the Secret screen in Swiss banks.

Since 2009, more than 56,000 Americans have secretly deposited money in secret accounts abroad, having accepted more than $ 11 billion from the IRS to deal with tax issues.

“Electronic money holders should not think they can hide their assets before the IRS,” he warns.


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Savi is a regular writer and social activist. She also writes for BBC, Huffington Posts and others.

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