Bloomberg Tax
Aug. 17, 2022, 5:17 PM

IRS Set to Move on SFOX Cryptocurrency Records After Court Win

Aysha Bagchi
Aysha Bagchi

The IRS received a court’s permission to serve a “John Doe” summons to get cryptocurrency records for taxpayers who held accounts at OX Labs Inc., a California-based cryptocurrency dealer that does business under the name SFOX.

The information the government is seeking “will help to ensure that cryptocurrency owners are following the tax laws,” said David A. Hubbert, who serves as deputy assistant attorney general in the Justice Department’s Tax Division, in a Tuesday press release.

John Doe summonses demand information on potential liabilities for unnamed taxpayers. They may only be served if a court verifies they ...

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