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Tag: Kraken
IRS Updates and Notices

IRS Kraken Crackdown: Understanding IRS Letters 6174, 6174-A, and 6173

The world of cryptocurrency has gained immense popularity over the past few years, and with it, the Internal Revenue Service (IRS) has been taking steps to ensure that crypto transactions are properly reported and taxed. The latest case that highlights the IRS’s seriousness in the news, is the IRS going after exchanges to release user information successfully such as Coinbase. Last month (October 2023) the IRS was successful through legal actions at getting the cryptocurrency exchange Kraken to release user information relating to the tax years 2016-2020 on all users who had transacted over $20,000 ( This amount includes all
IRS Updates and Notices

Kraken to Share User Data with IRS: What You Need to Know

Corridor Consulting Responds to Kraken’s Compliance with IRS Information Requests and Advises Proactive Measures for Crypto Users In an unprecedented move impacting the cryptocurrency landscape, Kraken, a leading cryptocurrency exchange, has finally announced to its users its compliance with the IRS’s request to disclose complete transaction details of its users. The data, spanning from 2016 to 2020, includes personal information such as names, dates of birth, tax IDs, addresses, and detailed transaction records. This development follows a court ruling which effectively pauses the statute of limitations clock for the IRS, giving them extended time to assess and take potential legal