Sat. Jun 19th, 2021

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    internal_revenue_service

    US tax agency IRS asks for customer records from Kraken. The US tax agency IRS has requested customer records from another cryptocurrency exchange.

    IRS, which recently made a similar request from cryptocurrency company Circle and requested customer records from Coinbase.

    Before that, wants to determine whether the customers of these companies fulfill their tax obligations.

    kraken

    The IRS cannot directly obtain this information from exchanges or companies.

    Prior permission is required from the court.

    The Department of Justice’s tax department filed a petition this week with the California Northern District Court on the matter.

    In a petition to the court, IRS official Karen Cincotta stated that the request was part of a “determination and correction of federal income tax liability” investigation for users trading between 2016 and 2020.

    The court rejected this request, demanding that it be re-submitted with a narrowed scope on the grounds that it was “too comprehensive.”

    From now on, the IRS will have to retransmit its request in a narrower context until April 14.

    If the court approves, the IRS will be able to receive information from Kraken about users who have made at least $ 20,000 transactions.

    Internal Revenue Service IRS

    Government department

    irs.gov

    Description IRS

    The Internal Revenue Service is the revenue service of the United States federal government responsible for collecting taxes and administering the Internal Revenue Code, the main body of federal statutory tax law. Wikipedia

    Headquarters: Washington, D.C., United States

    Founded: July 1, 1862, United States

    Officeholder: Charles Rettig (Commissioner)

    Jurisdiction: United States

    Parent organization: United States Department of the Treasury

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