Digital currency marketplace, Coinbase, is celebrating a partial victory in its fight to keep Uncle Sam out of customer accounts. A broad ranging request for user account information has been reduced to a fraction of the original request with far fewer pieces of information.
Crypto leader Bitcoin has grabbed the public’s attention this past year. As we just reported in another podcast, Bitcoin value has skyrocketed from around $1,000 in January to about $11,000 today with some wild fluctuations.
Although that volatility puts those profits at risk, it’s those gains that have snagged the attention of the IRS. With such a high multiple in value, some people have made “tons” of money, and it appears many haven’t reported that as income to Uncle Sam.
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