A U.S. district judge recently issued an ordonnance regarding taxation on cryptocurrency. The Judge gave authorization to the Internal
Revenue Service, (IRS), for information regarding American taxpayers who fail to report or pay tax on cryptocurrency transactions.
A U.S. district court has given the authorization for the Internal Revenue Service, (IRS), and authorized it to look into individuals who seek to avoid paying taxes on their
cryptocurrency transactions. The order comes as digital asset adoption is increasing rapidly and the number evaders of cryptocurrency taxes is rising.
The United States Department of Justice released a press release Thursday revealing the news. According to the release U.S. Circuit Judge Paul Gardephe gave
authorization to the IRS to issue John Doe Summons for information related to crypto tax avoiders from full-service financial institution M.Y. Safra Bank.
Charles Rettig from the IRS, United States Attorney Damian Williams, David Hubbert, Deputy Attorney General for Tax Division of Department of Justice was the first to announce the decision.