[2019-07-26] The IRS is warning thousands of cryptocurrency holders to pay taxes - page 5.

Carlton Banks

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Quote from: 1Referee on September 20, 2019, 05:22:35 PM

My question to you pretty much is; taking the above in consideration, what forms of taxes do you pay and not pay?

I simply avoid everything I can, and evade when it's smart to do so.

find people growing food, and buy directly from them. there's a high chance it will be healthier, as they will have an actual conscience
find independent businesses that sell other stuff for your home. try to get things from people outside your local gangster turf, it's harder for them to track the paper trail, so the people you buy from are more likely to use it as an opportunity to evade taxes themselves
don't use the postal system for any of this, as the postal system is subsumed into your local gang's tax reporting

In most of these cases, it's not possible to stop people you trade with from paying some taxes, it's hard to be a business and avoid scrutiny of your finances. But the world's a big place, you can find businesses who trade outside of scrutinizers, if you just look for them Wink

rodel caling

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Quote from: Guardian.P on September 19, 2019, 05:53:39 AM

What nonsense, if I buy a crypto from my salary, then I will pay tax again? This is a robbery! Tax on tax. When you buy the currency of another country in the exchanger do you also pay tax?

You had a point for that mate possible to pay taxes double or triple in very transactions made. But I am curious about it IRS implementation collecting taxes from the coinbase and bittrex users.
What happen to the crypto users not follow to the IRS command to pay taxes.

1Referee

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Quote from: Carlton Banks on September 19, 2019, 07:41:03 AM

you're barely paying taxes for your own benefit at all, you both clearly do not understand the system

Actually, they do as governments have done everything they could to get people to adopt that thinking.

The part that I find more interesting, is that the people who actually do understand the system's (flawed) working, are still enabling them to do the same because they're either too afraid to say no to certain forms of taxaction (likely out of fair of prison time or high fines), or they don't want to look like a "criminal tax evader" within their circle of friends and family.

My question to you pretty much is; taking the above in consideration, what forms of taxes do you pay and not pay?

Carlton Banks

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Quote from: LeGaulois on July 28, 2019, 10:57:46 AM

For me I think it's fair to have to pay taxes, after all, we're the ones who benefit, but I don't necessarily agree with the rates applied.
In fact, more taxes I pay more I'm happy because it means I earned more

Quote from: serjent05 on September 18, 2019, 08:42:10 AM

Indeed, we are living in a land where the government maintain it. So definitely we need to contribute in form of taxes. Wether they (government officials)corrupt it or not, we are bound to it(taxation) and is our responsibility as a people of a nation.

you're barely paying taxes for your own benefit at all, you both clearly do not understand the system

the majority of taxes in the modern age are used to pay OLD government debts, anything up to 100 years old!
the money used to pay for your public services today is borrowed, using loans that aren't due for repayment for up to 100 years in the future
private companies who "win" a contract for public services are usually government cronies, wasting money that's (again) borrowed from decades away as loans that they don't need to take responsibility for
or a government department does essentially the same thing; borrows a load of money, and spends it on things that aren't needed for the project (in some countries they pocket huge amounts using accounting fraud)

think about it, this is money they borrowed from our kids & grandkids they're misusing, and so any taxes you pay now was borrowed from you already 20, 40, 50 or 100 years before when you were not even born

Bitcoin was created as a protest against this sort of system, but if you really want to pay your BTC back into that kind of system (systematized fraud/theft), then you'll get exactly what you deserve¹ Roll Eyes

¹ crappy services, and 40-80% of your BTC converted to cocaine in politicians/contractors/government administrators noses

Guardian.P

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What nonsense, if I buy a crypto from my salary, then I will pay tax again? This is a robbery! Tax on tax. When you buy the currency of another country in the exchanger do you also pay tax?

serjent05

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Quote from: LeGaulois on July 28, 2019, 10:57:46 AM

For me I think it's fair to have to pay taxes, after all, we're the ones who benefit, but I don't necessarily agree with the rates applied.
In fact, more taxes I pay more I'm happy because it means I earned more

Indeed, we are living in a land where the government maintain it. So definitely we need to contribute in form of taxes. Wether they (government officials)corrupt it or not, we are bound to it(taxation) and is our responsibility as a people of a nation. Lucky, in my country, taxation on the cryptocurrency is not yet implemented though they are getting more tight regarding its regulation and I believe sooner or later our governemtn will implement it too.

1BTC EQUALS 1CAR

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That is why if you are from US then you need get the hell out of here and live in bitcoin tax-haven countries like Germany. Sooner or later, their staff will come knocking on their door and they investors of btc will have no choice but to pay huge taxes that is more than what they eaarned for trading bitcoin where the US does not even recognize it as a currency.

rodel caling

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Actually it's clearly U.S government have an interest all about cryptocurrencies they know how crypto useful and important as expensive money in the future.
But only one thing government want go clear uaing crypto need to regulate it to collect taxes for the holders to become legal specially the trading.
Simple reason i seen for this situation if government hate bitcoin and bitcoin is threat for the economy whynthe government want to collect taxes from the crypto currency.

Carlton Banks

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so you'll pay for mass murder, child sex slavery and the psychological manipulation to stop people reacting against it, just so you can avoid being bullied too?

nice

BitHodler

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Quote from: Carlton Banks on August 27, 2019, 01:33:06 AM

BitHodler, do you want to stand by and maintain that system? you have massively questionable ethics if so, that's the sort of thinking that gave us Apartheid or Nazi Germany. What wouldn't you do to save your own skin?

I'm already past my limit with the genocide, then lying to me and everyone else to actually attempt to convince me genocide is necessary. But you're cool with that?

"Cowardice asks 'is it safe?'
Vanity asks 'is it popular?'
Expediency asks 'is it politic?'

But conscience asks 'is it right?'
And there must come a time, when we do something not because it is safe, popular, or political
But because it is right"

Of course I do not want to support that system, but I have seen it myself how people have been subjected to so much horror just for not paying taxes (which governments call tax evasion to make it sound worse) that I don't want to ever go through that myself.

I can understand why you may not like my view on this, but we're all different and not everyone is as daring as you are to not pay a penny in tax even when they force you to do so. In other words, you choose prison time over paying tax.

I'm however not sure how long you will be able to stay firm in prison. You're going against an entity that doesn't care for a single moment that you are suffering in prison for decades until you finally realize this torture isn't worth it.

freedomgo

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I'm thinking of this scenario that will be experience by people who hold crypto in our country, we have a local exchange which we register with KYC, so since they are monitored by the government particularly the central bank, I'm sure the tax implementer already have our data.

Thus far, there is no warning yet since there is no clear crypto regulation yet in our country, but I know the moment it will be implemented, it's hard to mess up with the tax implementor or they called that agency as IRS in the US.

PrimeNumber7

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Quote from: mich on August 25, 2019, 08:04:25 PM

Internal Revenue Service Sends New Round of Letters to Crypto Holders

https://cointelegraph.com/news/internal-revenue-service-sends-new-round-of-letters-to-crypto-holders

Last week, the United States Internal Revenue Service sent another round of letters to crypto traders called CP2000. These notices were sent to traders of some crypto exchanges due to inconsistencies found in their tax reports.

This article talks about 1099-k forms, and I believe there was a report of a number of tax payers receiving the CP2000 due to discrepancies between the 1099-k and their filed tax returns.

My understanding is that the 1099-k is for when someone uses Coinbase for example to process bitcoin transactions from customers and will only be generated if certain thresholds are met. I am surprised the author of the article claims to be a tax professional. I don’t think this will apply to many coinbase account holders, as it doesn't affect "retail" accounts, according to my understanding.

Carlton Banks

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Quote from: BitHodler on August 26, 2019, 06:52:48 PM

It's easy talking right now, until you come to a point where you realize that no amount of money is worth the torture and imprisonment the government gangsters subject you to when you don't pay your taxes.

this is true. i'm not paying 1 satoshi though

Quote from: BitHodler on August 26, 2019, 06:52:48 PM

I am against certain forms of taxation as well, but that still isn't worth it to me to not pay anything and risk very long prison time. You only live once, so why make things unnecessarily more complicated for yourself?

you only live once, why sell everyone out just for yourself?

Quote from: BitHodler on August 26, 2019, 06:52:48 PM

I do wonder though, what made you become so aggressive against taxation? Have you been treated unfairly because of a dispute between you and your tax authority?

It was when I discovered that the established media, financial system, academia and the justice system were housing a bunch of lying crooks that prop up a false narrative of how the government are just here to help you, when in fact they're squashing regular people's power, their ability to fight back, and murdering millions and millions of them instead

BitHodler, do you want to stand by and maintain that system? you have massively questionable ethics if so, that's the sort of thinking that gave us Apartheid or Nazi Germany. What wouldn't you do to save your own skin?

I'm already past my limit with the genocide, then lying to me and everyone else to actually attempt to convince me genocide is necessary. But you're cool with that?

"Cowardice asks 'is it safe?'
Vanity asks 'is it popular?'
Expediency asks 'is it politic?'

But conscience asks 'is it right?'
And there must come a time, when we do something not because it is safe, popular, or political
But because it is right"

BitHodler

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Quote from: Carlton Banks on August 26, 2019, 04:55:49 AM

they'll get nothing from me

I don't give money to thieves, gangs or murderers, no matter how much they threaten me, or however respectable they claim to be

It's easy talking right now, until you come to a point where you realize that no amount of money is worth the torture and imprisonment the government gangsters subject you to when you don't pay your taxes.

I am against certain forms of taxation as well, but that still isn't worth it to me to not pay anything and risk very long prison time. You only live once, so why make things unnecessarily more complicated for yourself?

I do wonder though, what made you become so aggressive against taxation? Have you been treated unfairly because of a dispute between you and your tax authority?

Carlton Banks

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they'll get nothing from me

I don't give money to thieves, gangs or murderers, no matter how much they threaten me, or however respectable they claim to be

mich

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Internal Revenue Service Sends New Round of Letters to Crypto Holders

https://cointelegraph.com/news/internal-revenue-service-sends-new-round-of-letters-to-crypto-holders

Last week, the United States Internal Revenue Service sent another round of letters to crypto traders called CP2000. These notices were sent to traders of some crypto exchanges due to inconsistencies found in their tax reports.

timerland

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Probably the worst move for the IRS's crypto sector to make. There millions worth of taxes avoided by large corporations via crypto, shell companies, and other ways. I don't see a reason to go after the average joe, and I don't think anyone out of the 10,000 people contacted actually used abused the system to a large scale.

Also very surprising - Coinbase handed over thousands of user accounts last year... A good survey would be accessing how many of the 10,000+ people used Coinbase.

This is one of the worst feelings - hopelessness. Being forced to pay huge amounts of taxes to the government while you sit here and watch other companies cheat the system without punishment.

Only positive change this is bringing is that regulations are catching up to crypto's technology, which omens mainstream adoption.

squatter

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STOP SNITCHIN'

Quote from: Harlot on July 28, 2019, 05:02:53 PM

I guess the mandatory requirement for registered exchanges requiring them to submit transaction records of their customers are really paying off. That's the only way they know that these citizens are holding and earning cryptocurrencies.

If you mean the FATF travel rule, it hasn't been implemented yet. The US still needs to pass a new law requiring that exchanges comply with those rules. The recipients of these letters were most likely drawn from customer data Coinbase handed over to the IRS by court order.

Here are some interesting insights from someone who supposedly worked at the IRS:

Quote

They are almost certainly joining up some of their internal tax filing database tables with external datasets (probably coinbase) and trying to estimate how much they think you owe.

What they will most likely do is create a prioritized list of everybody who they sent letters to, and only pursue audits of a small minority at the top of the list who does not end up paying what the IRS is estimating (guessing) they still owe. They're looking for return on investment. They have a small team dedicated to this campaign (maybe 5 people part time) and are looking to generate more revenue from voluntary payments from the letter campaign then they spend on the staff running it. The small minority at the top of the list that they refer to the audit teams works the same way. Audits are resource intensive for the IRS and they are very short staffed. They can only afford to go after the biggest fish. Unless you have egregiously not been paying your crypto taxes, you won't be referred to the audit team, and you will most likely get forgotten about.

Harlot

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I guess the mandatory requirement for registered exchanges requiring them to submit transaction records of their customers are really paying off. That's the only way they know that these citizens are holding and earning cryptocurrencies. View it as violation of privacy but taxes are taxes and its their obligation to pay it, with a disturbing amount reaching to thousamds of people I think they should be alarmed that the IRS are always on their radar, it's either they comply or the the whole US crypto industry suffer the consequences.

hatshepsut93

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Quote from: o_e_l_e_o on July 27, 2019, 05:46:56 AM

Literally billions avoided by business and HNWIs in tax havens, off-shore accounts, shell companies and the like, but they come after average citizens for making a couple of thousand dollars here or there on bitcoin trading, which for some reason they feel entitled to a cut of. Land of the free. Roll Eyes

Maybe because those are legal loopholes while crypto falls under general trading regulation?

Also, they might want to setup precedents to discourage people from thinking that crypto's are some sorts of tax heavens, so they are just being proactive instead of waiting until crypto becomes widespread as a method of evading taxes.

And this just shows us again that exchanges are a central point of failure in crypto economy, and as long as majority of people use them as gateways to cryptocurrency, cryptocurrency itself can be regulated.

Topic: [2019-07-26] The IRS is warning thousands of cryptocurrency holders to pay taxes - page 5. (Read 1163 times)