Today Fortune.com released an article stating that the Bitcoin audit that the IRS is implementing on Coinbase users will no longer effect everyone, only those users with more than $20,000 of transactions in a year will be targeted. Now that may sound like a lot of money, but keep in mind it is not profits, its just transactions, if you buy/sell/buy/sell multiple times over a year you are still susceptible.
In other words, the scope of this is far too broad, the IRS may have backed down from its stance of auditing every single account, of which Coinbase has over a million, but it is still going to impact 500,000...that is a lot of users. And I would spectulate that this affects a lot of people who actually don't have $20,000 in BTC and made nothing close to this much in profit.
Overall, I think this is still far reaching, and we may see more revisions in the future. Thoughts?
Fortune article: http://fortune.com/2017/07/06/coinbase-irs-summons/
