Cryptocurrency has been on an upward trajectory for years, but the pandemic really seemed to kick things into high gear for the virtual currency boom. Bitcoin recently eclipsed $60,000 for the first time, while Dogecoin is up more than 12,000% from where it was this time last year. There is more money in crypto than ever before, and so it should come as no surprise that the Internal Revenue Service wants its cut from those who are cashing in.
This week, a federal court in the Northern District of California authorized the IRS to serve a John Doe summons on cryptocurrency exchange Kraken as it seeks information about "U.S. taxpayers who conducted at least the equivalent of $20,000 in transactions in cryptocurrency during the years 2016 to 2020."
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If you trade a lot of cryptocurrency, the IRS might be looking for you originally appeared on BGR.com on Thu, 6 May 2021 at 19:17:54 EDT. Please see our terms for use of feeds.
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