A cryptocurrency exchange was ordered by a U.S. District Court to provide the IRS with customer names and information about certain transactions. Specifically, it must disclose any transaction that equaled at least $20,000 in a year between Jan. 1, 2016 and Dec. 31, 2020. Among other details, the company must turn over user birth dates, taxpayer ID numbers and addresses. But the court said the original “John Doe summons” requesting other information related to transactions was overly broad. The IRS argued that when less crypto user details are required to be turned over, it’s easier for individuals to commit tax fraud. (Payward Ventures, Inc., DC ND Calif., 6/30/23)
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