Cryptic: IRS Sues Bitcoin Exchange Portal

bitcoin, by pixabay user MichaelWuensch, licensed by Creative Commons.

BTC v IRS

With Bitcoin becoming a hot button issue over the last few months, the IRS was recently awarded some good news. Cryptocurrency exchange platform Coinbase was ordered to turn over the data for all US consumers who purchased Bitcoin and other currencies between 2013 and 2015. The belief is that many of these people did not pay any tax on potential earnings. This would make them subject to potential auditing, as a Judge in California has ruled. Information for more than 14,000 people was handed over from Coinbase to the IRS. Bitcoin is the main form of cryptocurrency, a digital asset that is openly bought, sold, and held online with an ever-changing dollar value. Read More