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IRS Closer to Obtaining Virtual Currency Records

On Nov. 30, 2017, after a lengthy summons enforcement proceeding, a federal district court issued an order granting in part and denying in part the IRS’s petition to enforce the summons. The court’s order (Coinbase, Inc., No.17-cv-01431-JSC (N.D. Cal. 11/28/17) (order re: petition to enforce summons) requires Coinbase to produce the following documents for accounts with at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any one year during the 2013 to 2015 period:

  1. the taxpayer identification number;
  2. Name;
  3. Birth date;
  4. Address;
  5. Records of account activity; and
  6. All periodic statements.