Coinbase has issued an IRS 1099-K tax form to some of its American clients. Coinbase explained that it needed to file tax forms for any of its users who had acquired money that reached beyond the reporting threshold, which involves 200 or more receipt transactions and a figure that is over $20,000 annually. GDAX accounts and those labelled \"business use\" accounts that deal in crypto are also included under this banner.

Business accounts are limited to those that use any cryptocurrency for business transactions, rather than those which are involved in crypto trading or mining.

Coinbase told users that were issued the forms that they determined the status of their accounts carefully using company data, including whether or not the user possessed a merchant profile or used tools to sell.

However, several clients who received tax forms from the company expressed their irritation at the company\'s decision to issue them. Several users pointed out that they had not received prior warning, and may potentially struggle to find the money in order to foot the bill. Others also noted that they were frustrated that the payment required was far more than they thought it would be.