Pat Larsen
1 min readApr 6, 2018

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Great stuff Ryan. I’d caution a couple items in tax.
The IRS has hired several chain analysis companies and successfully sued Coinbase regarding user data for 2013–15, greater than $20k in transactions (really, really low bar) accounts, which makes it likely that Kraken, Bittrex, Gemini, and Poloniex have to open their user data too.
I don’t know how the IRS will treat people this tax season and where their bar for compliance/audit/fine will be. I just hope people are making informed risk decisions.
Also, if you have more than $10,000 in a foreign account, you have to declare that to FinCen or risk running afoul of anti-money laundering laws (enforced more seriously than the IRS typically).
Our software automatically fills out FinCen 114 and FBAR and we give a full audit report.
www.zenledger.io

https://www.fincen.gov/report-foreign-bank-and-financial-accounts

https://techcrunch.com/2017/11/29/coinbase-internal-revenue-service-taxation/

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Pat Larsen
Pat Larsen

Written by Pat Larsen

CEO of ZenLedger.io for crypto tax filings. Love to talk about startups, tech, military, adventure, and family.

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