Coinbase ordered to report 14,355 users to the IRS today
 

Anyone moving more than $20,000 on the platform is subject to the new order

Today, Coinbase suffered a major defeat at the hands of the Internal Revenue Service, nearly a year after the case was initially filed. A California federal court has ordered Coinbase to turn over identifying records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year. Coinbase estimates that 14,355 users meet the government?s requirements. The full order is embedded below.

For each account, the company has been asked to provide the IRS with the user?s name, birth date, address, and taxpayer ID, along with records of all account activity and any associated account statements. The result is both a definitive link to the user?s identity and a comprehensive record of everything they?ve done with their Coinbase account, including other accounts to which they?ve sent money.

?A BAD PRECEDENT FOR FINANCIAL PRIVACY?
The order is significantly narrower than the IRS?s initial request, which asked for records on every single Coinbase user over the same period. That request would also have required all communications between Coinbase and the user, a measure the judge ultimately found unnecessarily comprehensive.

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WOW Bitoin such anonymous, such freedom, such a new future, such, such, such end of the bank domination :)

Most of those 14,355 people will soon be fucked. :2 cents:

Surprising that so few people have a ballance of 20k out of 3 million accounts they claim.

:1orglaugh:1orglaugh:thumbsup Merry Christmas!

It's not the first time someone has reported me to the IRS.

So the lesson learned here is don't use a US based exchange if you don't plan to report?

can someone explain why it keeps going up?

Bitcoin is going up so fast that it's foundation will be a point to see.

While there are likely a lot of reasons, one of the main ones is supply and demand. It has gone up so much in the last year it suddenly has a lot of attention from the mainstream. I read an article yesterday that said hedge fund managers are now buying bitcoin. At the moment it looks like a fast, easy way to make some money. Because more people are buying and there is only a limited number of coins available, the price of them goes up as the demand goes up.

Sounds like $20k cumulative, for the whole year.

Which means there's only 14355 ballers trading more than 50 bucks a day. :pimp

Hope my $1.43 is safe there.

I can see the point of it if someone has the $20,000 in real USD money involved.... but what about people who accept crypto currency as payment and then buy things with that same crypto currency without the traditional monetary system ever being involved? Who's to say what a bitcoin is really worth?

And if there is an accepted system of determining that, are you taxed on the USD value of the bitcoin at the time of receiving it or when you purchase something with it (or cash out to USD)?

I don't give a flying f about IRS, but who can suggest some good alternatives to counbase that don't ask you to send them ID scans and urinalysis?

Anyone who expected any different is dillusional. Also, I think it's telling that it's such a small number.

Brad

It is, just dont use a trading platform which requires you to send in scanned papers :)

Indeed. Fuck them.