Tax Notes Quotes Scott Michel: DOJ Seeks John Doe Summons on Largest U.S. Bitcoin Exchanger
In an effort to combat tax evasion, the Justice Department petitioned a district court on November 17th to serve a John Doe summons on bitcoin exchanger Coinbase Inc., seeking records and account holder identities. Scott D. Michel of Caplin & Drysdale Chtd. offered a word of caution to taxpayers who might be implicated in the summons. "The service of a John Doe summons does not disqualify a taxpayer from making a voluntary disclosure, so anyone who's got a problem here has a short window to take care of it. Once the names are disclosed -- and it's almost certain they will be -- that window will likely close," Michel said.
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Excerpt taken from the article “DOJ Seeks John Doe Summons on Largest U.S. Bitcoin Exchanger” by Andrew Velarde for Tax Notes.