Monday, February 26th 2018
"Lawyering Up" - Coinbase to Send Data on 13,000 Users to the IRS
Coinbase, one of the world's largest cryptoexchanges - which is also one of those with the most solid footing when it comes to these kind of exchange - has announced via email that it will be disclosing around 13,000 users' data to the IRS. No doubt this is a move by the company to improve its footing even more with state institutions; however, this will certainly reduce consumers' trust in the exchange - at least, for those customers who weren't considering having to pay taxes on their crypto earnings.
What prompted this move by Coinbase? Well, back in November 2016, the IRS, through a San Francisco-based judge, started court proceedings which would see all of Coinbase users' data to be delivered to the services. Coinbase fought over these court proceedings, but ultimately caved in after the IRS's proposal changed from "all users" to a system that's likely based on trading volume. This is why "only" 13,000 users will see their personal data (taxpayer ID, name, birth date, address, and historical transaction records for certain higher-transacting customers during the 2013-2015 period) being delivered to the IRS as part of a major tax evasion investigation (which should surprise no one, really).
The affected individuals have been notified via email; Coinbase's statement as to this turn of events? They themselves are "unable to provide legal or tax advice," and thus, tell users that "If you have concerns about this, we encourage you to seek legal advice from an attorney promptly. Coinbase expects to produce the information covered by the court's order within 21 days."
Source:
ArsTechnica
What prompted this move by Coinbase? Well, back in November 2016, the IRS, through a San Francisco-based judge, started court proceedings which would see all of Coinbase users' data to be delivered to the services. Coinbase fought over these court proceedings, but ultimately caved in after the IRS's proposal changed from "all users" to a system that's likely based on trading volume. This is why "only" 13,000 users will see their personal data (taxpayer ID, name, birth date, address, and historical transaction records for certain higher-transacting customers during the 2013-2015 period) being delivered to the IRS as part of a major tax evasion investigation (which should surprise no one, really).
63 Comments on "Lawyering Up" - Coinbase to Send Data on 13,000 Users to the IRS
...And my energy usage went down when I started mining, due to the retirement of a huge core 2 quad server system the miner is now also doing the work of, so...
But you might be able to identify big mining rigs if the power usage doubled or even tripled since May or November.
That being said I'd reccomend a tax guy.
I think Apple had several hundred billion offshore at one point to avoid taxes, and only recently brought some of them back to the states/banks after Trump's tax plan passed. lol, but yeah I get your point, it just doesn't apply to everyone sadly.
Nicehash being a "service" may be something different, but I certainly would not count on it.
I make more than my sister yet pay less than her in overall percent rate because I have a accountant, and I write off what he charges me also.
It's called multitasking.
It's not much savings, but it's there. Sorry to burst your bubble, but I've documented it in several places. It IS possible if well planned.
See my energy consumption article here for readings on my mining rig. I used the same meter on the core 2 quad NAS. it basically came down to the Core 2 quad being before 80PLUS PSUs were a common thing. (That and it's horribly inefficient Fermi-based video card and huge delta electronics blowers probably didn't help).
www.techpowerup.com/240951/confessions-of-a-crypto-miner-efficiency