Coinbase Must Give Info To IRS For Transactions Over $20K
Law360, Los Angeles (November 30, 2017, 4:57 PM EST) -- A California federal judge on Wednesday handed the Internal Revenue Service a partial win in the agency's bid to seek records from Coinbase Inc., saying the virtual currency exchange must hand over information on accounts with transactions of greater than $20,000.
In an order, U.S. Magistrate Judge Jacqueline Scott Corley said Coinbase must provide the taxpayer ID, name, date of birth and address for the accounts, but not copies of passports, driver's licenses, wallet addresses and public keys for accounts because they were not relevant for investigating tax delinquency among account holders.
"The summons as narrowed by the court serves the...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!