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Crypto Crackdown Drives ‘John Doe’ Record Demands from IRS

May 4, 2021, 8:45 AM

The IRS is seeking swaths of records from cryptocurrency companies on anonymous taxpayers as part of its broader effort to crack down on tax evasion in the industry.

The demands involve the potential tax liabilities of unnamed taxpayers, and for that reason are known as John Doe summonses. The agency recently secured court permission to issue a John Doe summons for cryptocurrency records to payments technology company Circle, and has a request pending to issue another such summons to cryptocurrency exchange Kraken.

The agency has made cryptocurrency tax evasion a major enforcement focus in recent years, with IRS Commissioner...

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