The U.S. Internal Revenue Service (IRS) can issue a 'John Doe' summons to a bank serving customers of crypto prime broker SFOX, a judge ruled. The order will allow the agency to look for possible tax evaders in an ongoing probe. JPRubin23 reports.
Thursday. The ruling will allow the tax agency to continue looking for potential tax evaders in an ongoing probe.
The summons requires M.Y. Safra Bank to provide information about the SFOX customers who may not have reported and paid taxes on crypto transactions. In August, the IRS“The government’s ability to obtain third-party information on those failing to report their gains from digital assets remains a critical tool in catching tax cheats," IRS Commissioner Charles P. Rettig said in a U.S. Department of Justice press release.
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