IRS vs. Coinbase
Cryptocurrency has been around for a while. A few years ago, the IRS demanded the personal information of users of Coinbase, a digital currency exchange. Eventually, Coinbase had to hand over the information in a court ruling.
Do you know why this whole dispute happened? Well, I’m about to tell you.
In 2015, the IRS found that only 802 taxpayers declared loses/gains related to bitcoin. Now from 2012 to 2015, the price of a bitcoin soared from just $13 to $1,100. So, it is pretty hard to believe only 802 taxpayers recorded bitcoin-related gains/loses.
Really this case boils down to the IRS tracking down individuals who haven’t paid taxes on their cryptocurrency gains/loses.
All the unrecorded gains/loses really shows the accounting industry is unprepared. But not Jeri Andrews. She is responsible for some of those 802 individuals who actually declared. She is an accountant who does it right.
Learn more about the IRS case from Jeff John Roberts!
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