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IRS only interested in those that had at least one $20k bitcoin transaction.
http://www.coindesk.com/20000-irs-ex...-data-request/The Internal Revenue Service is seeking a narrower focus in its investigation of digital currency startup Coinbase, new court documents reveal.
Perhaps most notable, according to the July 6 notice, is the fact that the IRS is only trying to obtain records on users who have conducted "at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any one year during the 2013-2015 period".
1 x 20k transaction sounds like a pretty low threshold for the feds to justify still to me.
If they are looking at people hiding assets in it then it should be much higher.
True, but if people are sending that much in one transaction there is a decent chance they are doing it more than once. It's not hard to send multiple 20k+ transactions via bitcoin in a short period of time.Originally Posted by Optional
Man how I hate our mafia styled government. Using taxpayer money to go after people who might be breaking the law.
Am I reading this wrong or right because the way I was reading this was that they want to total amount over the year for a certain type of transaction type etc(buy, sell) and not on one single transaction. The reason I ask is because that would be much different than on one transaction of 20k at any one time. They put in "at least the equivalent" where they lost me. It looks like you guys were reading at any given time during the year of a single transaction to equal this 20k amount.
^^^ The Coindesk article analysis suggests it's a single tx.
If that's what they are actually looking for then they should ask for the minimum to be X multiple transactions. Just asking for all people who have made one that size is still casting the net too wide to be justified IMHO.
They are only looking for the BIG BOYS. Always have been. Using manpower for anything lower than that... not worth it to them.
Good post.
1. It's pretty simple how the IRS is narrowing it down. Just like you said... looking for multiple transactions 5 digit range. It means you "more than likely" have a stash sitting somewhere.
2. Once they discover the 5 digit range. They will more than likely look for "return investment". How much you made on the transaction(s). So they can get you on possible tax evasion.
3. Also looking for people who are trying to "WASH MONEY" from a gain elsewhere.
90% of the people in the USA using Bitcoin have nothing to worry about.
That's why former federal prosecutor kathryn haun joined the board of directors at coinbase!!!!
I agree that has been the main justification, to go after people hiding money in btc instead of old fashioned offshore Swiss style bank accounts.
And agree most users, especially those just using it for money transfer, like gamblers, have little to worry about.
The 20k threshold for reporting still appears too low if they are just chasing 'big boys' though. They may not want to chase anyone else now but I bet that extent of data has a planned use. Maybe for profiling what is going on so they know what to attack next.
The laws already say $10k for any and all transactions
of any type.
$20k will become $10k as fast as they process those over $20k.
not gonna talk about the old school options for big winnings.
you just don't do that on public msg boards.
Coinbase is dead to me. They are penetrated.
Account Delete.
Last edited by Snowball; 07-11-17 at 04:17 PM.
She teaches Digital Currency and Cybercrime at Stanford.
https://law.stanford.edu/directory/kathryn-haun/
Look at this course description.
https://law.stanford.edu/courses/dig...nd-cybercrime/
Looks worth taking to me.
Here is a pic of her cracking the silk road
ASSISTANT US ATTORNEY GENERAL
DOJ now Coinbase.
https://arstechnica.com/tech-policy/...-got-caught/3/
The time frame is no coincidence...there was people who bought a million dollars worth of bitcoin when it was $5-$10 range
And dont forget the IRS say bitcoin is not a currency but taxable property so they can hit high rollers with capital gains taxes
somewhere out there today is a guy who had a $20,001
bitcoin transaction with Coinbase - he blew the $20k
and the IRS will be sending him a bill.
Also any intl transfers $10k fall under FATCA and FBAR
Land of the Free
The U.S. government is seeking the identity of Coinbase users for tax purposes, sparking fears that Bitcoin’s anonymity may be compromised.
According to a legal summons filed in the Northern California District Court, the U.S. Internal Revenue Service (IRS) seeks to identify several Coinbase users and their financial activity, based on evidence that they may have violated U.S. tax laws:
This is how they should have to work. Have to have an investigation of a specific individual underway before they ask for any records.
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The dates in the docket are quite unusual. Typically a court will stamp the papers once received. These papers are stamped in 2011 and some in 2012 etc. Court hearing started late 2016. I don't understand why a court would hold onto paperwork for 4-5 years before starting a case? It also claims... to leave tax information open all the way back to the year 2001.
Are they referring to "JOHN DOES" as All people who went through a particular institution? Like Wells Fargo? Or HSBC Bank?
I can't see how this is even allowed? The manpower and tax dollars spent on this is absolutely ridiculous.
The wording in these docs are comical.
If I was a judge... I'd throw the case out immediately. You can't assume ALL "JOHN DOES" are doing Tax Fraud. That's what the papers are indicating.
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