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Forum » IRS intends on getting its due crypto taxes
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Thread: IRS intends on getting its due crypto taxes

post 1638677333 05-16-2021, 06:46 AM
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IRS intends on getting its due crypto taxes

two new IRS investigations to catch crypto tax cheats targeting various exchanges have been launched in recent months. In April, a judge in Boston approved an IRS summons to the payments company Circle and its affiliates, including the crypto exchange Poloniex. In May, a judge in San Francisco approved a similar summons for records from Kraken, another exchange based in California. Both summonses apply to customers who have traded more than $20K in crypto in any single year between 2016 and 2020.

"With these summonses and other actions, the IRS is mounting a full-court press to show taxpayers how seriously it takes cryptocurrency compliance," says Don Fort, a former chief of IRS criminal investigation now with Kostelanetz & Fink. "Taxpayers should take it seriously too."

Crypto exchanges don't report client information to the IRS like discount digital brokerages do, so there's temptation for traders to try and skate by. But if this approach worked in the past, be warned: that could change this year now that the Dems are back in power.

https://www.zerohedge.com/crypto/irs...ay-their-taxes

One more day to file for those that may have "forgotten"
post 1638677383 05-16-2021, 06:47 AM
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Pieces of ****s. What they’re doing is robbery srs
post 1638677763 05-16-2021, 06:57 AM
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Post deleted by user
post 1638677773 05-16-2021, 06:57 AM
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Originally Posted By AWSbruh⏩
Pieces of ****s. What they’re doing is robbery srs
Coincel detected
post 1638678053 05-16-2021, 07:08 AM
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Originally Posted By rootcon⏩
two new IRS investigations to catch crypto tax cheats targeting various exchanges have been launched in recent months. In April, a judge in Boston approved an IRS summons to the payments company Circle and its affiliates, including the crypto exchange Poloniex. In May, a judge in San Francisco approved a similar summons for records from Kraken, another exchange based in California. Both summonses apply to customers who have traded more than $20K in crypto in any single year between 2016 and 2020.

"With these summonses and other actions, the IRS is mounting a full-court press to show taxpayers how seriously it takes cryptocurrency compliance," says Don Fort, a former chief of IRS criminal investigation now with Kostelanetz & Fink. "Taxpayers should take it seriously too."

Crypto exchanges don't report client information to the IRS like discount digital brokerages do, so there's temptation for traders to try and skate by. But if this approach worked in the past, be warned: that could change this year now that the Dems are back in power.

https://www.zerohedge.com/crypto/irs...ay-their-taxes

One more day to file for those that may have "forgotten"
cuck
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closer to the lung.
post 1638678163 05-16-2021, 07:12 AM
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Originally Posted By ymer⏩
Crypto cucks confused how their anonymous peer-to-peer untraceable and government independent money is being cracked down
Been trying to told em. Anyone who thinks the govt is going to continue to let crypto slide is in incredibly ignorant srs
post 1638678263 05-16-2021, 07:17 AM
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Originally Posted By AWSbruh⏩
Pieces of ****s. What they’re doing is robbery srs
Invest in a commodity( or whatever you want to call it. It isn’t replacing fiat money anytime soon), trade it like it’s stock, doesn’t expect the gains to be taxed. Not sure if srs.
post 1638678403 05-16-2021, 07:23 AM
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Originally Posted By IH8RICE⏩
Invest in a commodity( or whatever you want to call it. It isn’t replacing fiat money anytime soon), trade it like it’s stock, doesn’t expect the gains to be taxed. Not sure if srs.
Anybody who “invests” in Bitcoin is a certified moron, period.

Gamble all you want, but it’s a gamble 100%. The sht could drop to 0 tomorrow and you have no tangible collateral backing the coin. Throw all in on black at the casino.
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post 1638678563 05-16-2021, 07:29 AM
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Originally Posted By backinbusiness⏩
Anybody who “invests” in Bitcoin is a certified moron, period.

Gamble all you want, but it’s a gamble 100%. The sht could drop to 0 tomorrow and you have no tangible collateral backing the coin. Throw all in on black at the casino.
What's crazy is you have companies like Tesla and Square buying hundreds of $millions to $billions. But then a couple months later selling it all and being done with it. Dorsey said Square has no plans to do anymore crypto trading, and Elon said the same about bitcoin. Square taking a $20m loss on the ordeal. Tesla acting like a bunch of scammers esp Elon pumping and dumping, but at least they made money at it for their shareholders (tho Elon takes a rather absurd compensation)
post 1638678783 05-16-2021, 07:35 AM
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Originally Posted By IH8RICE⏩
Invest in a commodity( or whatever you want to call it. It isn’t replacing fiat money anytime soon), trade it like it’s stock, doesn’t expect the gains to be taxed. Not sure if srs.
He's saying taxation is theft, and he's right. Why don't I just take $20 out of your pocket and give it to your neighbor and claim it's for their groceries. Let's say you only have $100 in your wallet. I take 1/5 of what you have (sometimes more depending on how much you "make") and tell you it's part of a social contract. Graduated income taxes are a legit plank of communism. Although, I'm less incensed about these types of taxes than I am income tax, but it's still theft.
post 1638678913 05-16-2021, 07:38 AM
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Good thing I bought my first cryptos early this year.

No need to skate by taxes if the market crashes this summer.
Hi
post 1638697433 05-16-2021, 01:25 PM
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Originally Posted By hendrixfreak70⏩
He's saying taxation is theft, and he's right. Why don't I just take $20 out of your pocket and give it to your neighbor and claim it's for their groceries. Let's say you only have $100 in your wallet. I take 1/5 of what you have (sometimes more depending on how much you "make") and tell you it's part of a social contract. Graduated income taxes are a legit plank of communism. Although, I'm less incensed about these types of taxes than I am income tax, but it's still theft.
Thanks for the clarification. I guess there’s always pros and cons to our tax system.
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