United States District Judge Paul G. Gardephe granted the Internal Revenue Service (IRS) permission to issue what is called a John Doe subpoena at MY Safra Bank to release information about customers who may not have referred the taxes received when performing crypto. proceedings.

according to a court order, Gardephe specifically asked SFOX to submit information about its customers who use MY Safra Bank to make cryptocurrency payments. SFOX is a full cryptocurrency dealer providing cryptocurrency services for institutional investors who provide the liquiditysecurity and infrastructure necessary to harness the full potential of digital assets.

SFOX collaborated with MY Safra to offer SFOX customers access to bank accounts to deposit and withdraw cash.

SFOX users could use their money in MY Safra to buy and sell positions in SFOX virtual currency. The IRS therefore expects MY Safra to provide information about the identity and crypto transactions of SFOX customers based on their associations to determine if they are in compliance with IRS laws.

SFOX has a record of over 175,000 registered subscribers on its platform who have collectively transacted over $12 billion since 2015. The IRS also stated that they are required to report such virtual transactions to them by a third party.

the IRS Commissioner Charles P. Rettig said in a statement that;

“The government’s ability to obtain third-party information about individuals who failed to report income from their digital assets remains an important tool for tax evasion.” According to him, the John Doe citation is a step in the right direction to ensure that everyone pays their taxes according to what they earn.

The US IRS issued a warning letter in 2019 to cryptocurrency owners declaring that taxpayers must pay taxes due or file amended tax returns for their CRYPTOCURRENCIES.

“Taxpayers should take these letters very seriously by reviewing their tax returns and, if necessary, amending previous returns and paying taxes, interest and penalties,” said IRS Commissioner Chuck Rettig.

Image Source: Shutterstock