Republicans tell IRS to Back off of Coinbase!
I'm sure everyone here has been following this case! I am glad to see them stepping in, it is waaaaay more than broad!
“The summons is estimated to affect 500,000 active Coinbase customers and would result in the production of millions of pages of associated records, many of which contain personally identifiable information … Based on the information before us, this summons seems overly broad, extremely burdensome, and highly intrusive to a large population of individuals,” says the letter, which is signed by Sen. Orrin Hatch (R-Ut), Chairman of the Senate Finance Committee, and by Vern Buchanan and Kevin Brady, who head the House Committee on Ways and Means. (my emphasis)
They have also asked for some guidelines from the IRS on how it plans to handle crypto by July 7 ...the saga continues
For more info on this story go to http://www.abitofnews.com/irs-bitcoin-probe-of-goes-too-far-says-republicans/?dao_ref=Zkd9QZkOPH
How in the US crypto currency are considered property and how we are taxed on them is crazy enough. Its a cluster fuck when trying to figure profits and losses on ever transaction. Even with CoinTracker. Thank you for posting this in your words and explaining and not just copy & pasting.
Thank you. Yes it is a CF. I am confident that as the Banks cryptos come out those laws will be changed because no bank is going to do capital gains and losses on every transaction. It's just....ignorant. The banks will force it I think.
We will see.
Interesting read. I'll be watching as well.
So can the IRS just create their own Proof of stake coin? Then they can tax their own earnings and leave everyone else alone.
