New reporting requirements for virtual currency feels like a good idea but not everyone is on board with requiring virtual currency companies to issue a form 1099-B. Perry Woodin, the CEO of Node40, a blockchain governance company, believes the result would be a deeply flawed system.
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IRS Hopes Court Will Force Coinbase To Identify Bitcoin Users & Transactions
The Internal Revenue Service (IRS) is seeking authority, through the use of a “John Doe” summons, access to data on Coinbase users from 2013 to 2015. The Department of Justice (DOJ) has filed paperwork with the court seeking approval of the summons, which some critics have hailed as overbroad.
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