The IRS is vigorously pursuing its case against Coinbase as it announces a “reporting gap” where only 0.2% of Coinbase users reported a loss or gain on their cryptocurrency transactions.
It’s extremely difficult to get away from the Tax Man. One of the main draws of cryptocurrency for many individuals was the promised anonymity, but for those living in the United States, the IRS is proving to be a tenacious entity. Case in point is the ongoing lawsuit between the IRS and Coinbase that began in November of last year. And it seems that the IRS is even more engaged in winning the fight as they’ve discovered a “reporting gap” in the number of accounts given up by Coinbase and the actual number of people who reported a loss or gain between 2013 and 2015.
A Huge Discrepancy
The legal fight between Coinbase and the IRS has gone round and round. However, the IRS is adamant on getting their hands of the accounts of Coinbase users to ascertain who has been avoiding paying their tax bill. In light of the massive explosion of the value of Bitcoin since the start of the year, the total taxes owed could easily be in the millions of dollars…
Read Full: IRS Not Happy with ‘Reporting Gap’ from Coinbase Users
