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IRS targets SFOX users for possible tax crimes

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ICYMI: IRS targets SFOX users for possible tax crimes

A judge found there is a “reasonable basis” to believe individuals who conducted $20,000 in crypto transactions using SFOX may have failed to comply with federal tax laws.The IRS can serve a John Doe summons on crypto prime dealer SFOX, according to an order entered by a federal district in California on Monday.to seek information about taxpayers in the United States who conducted at least $20,000 in crypto transactions between 2016 and 2021 using SFOX.

A John Doe summons"does not identify the person with respect to whose liability the summons is issued," according to the IRS. The agency can use the summons in an investigation of a specific unidentified person, or a group of class of people.

 

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