On May 5, 2021, a California District Court issued an order authorizing the IRS’s John Summons against Kraken, a popular cryptocurrency exchange. The summons seeks to obtain information on US taxpayers who conducted at least $20,000 in total transactions for each year from 2016 to 2020. This is the third summons victory for the IRS – others include summons actions against Coinbase and the Poloniex exchange. The expectation is that thousands of taxpayers will receive IRS Notices concerning their tax compliance following the information obtained by the multiple summons. Kraken, in particular, must release customer information such as: names, dates of birth, taxpayer ID numbers, physical addresses, email addresses and telephone numbers. It must also release transactional histories, payment methods, account funding records, and a history of IP addresses used to access their accounts. This information will surely allow the IRS to identify taxpayers who’ve been noncompliant with the crypto tax obligations. We know digital assets and taxation. If we can assist you with your crypto tax needs, do not hesitate to contact us.