RATE Group | Petition to Quash Summons Denied in Cryptocurrency Audit, Summons Overbroad (W.D. Wash.)…
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Petition to Quash Summons Denied in Cryptocurrency Audit, Summons Overbroad (W.D. Wash.)…

25 Nov Petition to Quash Summons Denied in Cryptocurrency Audit, Summons Overbroad (W.D. Wash.)…

Posted at 21:13h in Cryptocurrency News by

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Petition to quash third-party summons denied where IRS met all factors in Powell, a district court held. However, the court also held that the summons was overbroad and ordered the government to file a proposed amended summons. Taxpayer filed his 2016 return disclosing capital gain from bitcoin transactions, but then consulted an accountant and filed an amended return taking back a large sum of the capital gain reported, yielding over $15,000 in a tax refund. The IRS began investigating Taxpayer and discovered that Taxpayer used a currency exchange that he never disclosed. The IRS issued a third-party summons to…

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