Coinbase - Are the IRS and Coinbase Business Partners...

Hello Everyone,
I am a sovereign, independent and private individual and I am struck by the apparent relationship between coinbase and IRS. I choose Not to maintain an account with coinbase after getting the following "IRS Guidelines" email. After I have personally reviewed this email, I am puzzeled as to why coinbase has teamed up with the IRS...
I stand that, my crypto-currencies accounts are mine personally and individually and no one else, no individual, no corporation has claim or any right to my sovereign, independent and private accounts.

coinbase

From: Coinbase no-reply@updates.coinbase.com
Date: Mon, Mar 12, 2018 at 8:25 PM
Subject: New tax tools on Coinbase
To: ereidhead@gmail.com

Hi there,

As a reminder, gains on digital currency sales and exchanges are taxable in the US. For reference, here are the IRS guidelines for reporting digital asset gains. To help with your tax preparation, we have created a Comprehensive Transaction Report, which consolidates all transactions on Coinbase in a single report, and a Gain/Loss Calculator, which provides a preliminary calculation of your gains or losses for the year.

Comprehensive Transaction Report

With this new tool, you can generate a single report detailing all buys, sells, sends and receives of all currencies associated with your Coinbase account. This report provides your cost basis for all purchases and proceeds for all sales, inclusive of Coinbase fees. Learn more about how to calculate this in our new blog post.

Gain/Loss calculator

For our customers who have only bought or sold digital assets on Coinbase, we offer a tool that automatically calculates your gains or losses applying a first-in-first-out (FIFO) cost basis determination. Note that FIFO is only one of several methods you can apply when calculating your investment performance.

This tool provides a preliminary gain/loss calculation to assist our customers, but should not be used as official tax documentation without validating the results with your tax professional. This report will not be accurate if you have purchased or sold digital assets on another exchange; if you have sent digital assets to another wallet, another exchange, or an external storage device; if you have participated in an ICO; or if you have previously used a method other than FIFO to calculate gains/losses on digital asset investments.

Click here to use these tools on our new Tax Center, and to learn more about how to calculate your investment returns. Thanks for being a customer.

Best,

Coinbase

Disclaimer: Coinbase is not authorized to give tax advice. Tax laws and regulations change frequently, and their application can vary widely based on the specific facts and circumstances involved. You are responsible for consulting with your own professional tax advisors concerning specific tax circumstances. Coinbase disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. These tools are intended for Coinbase customers filing as individuals, not businesses.