The Internal Revenue Service has decided to cease bitcoin audits. The statement from the IRS came after a legal skirmish between anonymous bitcoin account holders of Coinbase who asked to intervene once they received knowledge that an audit would be on their accounts.
According to The Recorder, the legal site that reported the hearing, the IRS came in last year, demanding to review customer account activity from 2013 to 2015, a period when bitcoin value increased from $13 to well over $1,100. Out of many thousands of accounts in Coinbase's portfolio, only 802 account holders claimed gains/losses related to bitcoin in 2015.
What does this mean for us Steemians who are racking up more profits than losses (or vice versa)? Well, it just means Uncle Sam can stay the hell out of our financial affairs as it pertains to cryptocurrency...for now. There may come a time when the audits will proceed again. Be mindful and cautious, my friends!!!