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US IRS Investigates Crypto Tax Avoidance through M.Y. Safra Bank

Gus – Cryptocurrency Expert

The Internal Revenue Service (IRS) was given permission by the US District Judge to serve a John Doe summons on the M.Y. Safra Bank, according to one of the most recent news releases from the US Department of Justice.

The ruling instructs the bank to provide information about the taxpayers in order to investigate potential cryptocurrency tax evasion. The IRS summons particularly requests information on SFOX customers who used banking services that M.Y. Safra Bank offered to SFOX customers conducting cryptocurrency transactions.

The IRS said in the summons that it had discovered significant tax compliance issues with transactions involving bitcoins.

The US Attorney, Damian Williams, said that “Tax liabilities resulting from bitcoin transactions are not excluded and must be accurately reported by taxpayers on their returns. The government is dedicated to identifying taxpayers who have misrepresented their tax responsibilities by failing to declare cryptocurrency transactions using all of the resources at its disposal, including John Doe summonses.”

A deputy assistant attorney general named David A. Hubbert added that taxpayers engaging with cryptocurrencies should be aware that profits and income from such transactions are subject to taxation.

M.Y. Safra is required under the John Doe summons to disclose the records that the IRS need in order to find U.S. taxpayers who were SFOX clients. Additionally, it will assist the IRS in locating taxpayers who might not have accurately recorded their cryptocurrency transactions on tax returns. Additionally, on August 15, the IRS was permitted to serve SFOX directly with a John Doe summons by the U.S. District Court for the Central District of California.

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