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Reading: IRS Customer Data Access: Hope for Kraken as Court gives greenlights.
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Home » IRS Customer Data Access: Hope for Kraken as Court gives greenlights.

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IRS Customer Data Access: Hope for Kraken as Court gives greenlights.

Bolaji M
Last updated: May 6, 2021 11:36 pm
By Bolaji M
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2 Min Read
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In order to gain the identities of the users who exchanged digital assets on crypto-exchanges, a federal court in the North District of California gave a green light to the U.S. Internal Revenue Service (IRS).

The IRS is currently allowed to make a “Call for John Doe” on customers of Kraken and its parent company Payward Ventures Inc.In line with the press release made available by the Ministry of Justice (DOJ) on Wednesday. Tax agents may apply to any user who transacted cryptographically $20,000 or more from 2017 to 2020.

“Details in today’s permitted appointment is a key step to ensure the tax compliance of owners of cryptocurrencies. Those who, like all other contributors, deal with cryptocurrencies must meet their tax obligations;” As stated by the Assistant General Attorney at the Tax Division of the Justice Division when making his announcement.

Crypto tax hackers Hunting
The DOJ explained in its announcement that the judgment did not include a claim that Kraken was doing any wrongdoing. The research undertaken by the IRS is instead based on “an uncertain category or class of individuals” who “may not have complied with internal income laws.”

The IRS asked Kraken to do so. As such, documentation and transaction records for identifying taxpayer users of the above category has been requested for by IRS from Kraken

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