The IRS Plans to Require Tech Giants to Provide Users Crypto Activity
Henry Chan Jul 10, 2019 16:00
The United States’ Internal Revenue Service (IRS) is allegedly planning to require corporate giants such as Apple, Google and Microsoft to provide the taxpayer’s download history of cryptocurrency applications, as revealed in the tweet and reportedly the presentation from IRS on 9 July.
The United States’ Internal Revenue Service (IRS) is allegedly planning to require corporate giants such as Apple, Google and Microsoft to provide the taxpayer’s download history of cryptocurrency applications, as revealed in the tweet and reportedly the presentation from IRS on 9 July.
Laura Walter (a.k.a. Crypto Tax Girl) tweeted the presentation which was allegedly given to special agents in the IRS Criminal Investigation division on the discussion of investigating taxpayers who hold crypto. It stated “Issuance of Grand Jury Subpoenas should be considered for Apple, Google, and Microsoft for the Subject’s complete application download history.”
Moreover, the presentation listed out the taxpayer’s financial accounts such as bank, credit card, and PayPal records which can be used to identify and track whether they are related to bitcoin or other TPEs. Vendors who accept bitcoin are also considered for subpoena, such as Amazon Payments.
As noted in the report, regulators are looking for taxpayer’s Bitcoin wallet, associated Bitcoin addresses, and the balance for each Bitcoin address. The report also mentioned Bitcoin addresses may be available in the Facebook or Twitter account of the taxpayer.
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