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Topic: Chainalysis software for nabbing Tax evaders (Read 152 times)

member
Activity: 98
Merit: 10
December 30, 2017, 05:36:41 PM
#9
IRS contracted to use Chainalysis software for nabbing Tax evaders if they don't pay their fairshare to tax payers fund. Any idea on Chainalaysis tool? Any links for IRS guidelines for filing taxes in US?

Here are the Tax filing guidelines for the income from Crypto assets in year 2017.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf
hero member
Activity: 966
Merit: 535
December 23, 2017, 03:53:46 PM
#8
I think it'll be about as effective as alcohol prohibition laws of the early 20th century. 

Exactly. It's like trying to catch an eagle with a butterfly net ^^ It would be the most ineffective thing ever and I don't even believe the IRS is doing this I think it's just talk.

IRS contracted to use Chainalysis software for nabbing Tax evaders if they don't pay their fairshare to tax payers fund. Any idea on Chainalaysis tool? Any links for IRS guidelines for filing taxes in US?

there are no reliable chain analysis techniques or software that anyone can use to prove anything. that is how bitcoin is designed.

besides the cost of using something like that and then cost of proving anything is a lot more than simply contacting exchanges like Coinbase and asking them to release their customer information to IRS

.... wait a minute IRS and Coinbase are already doing that Cheesy

Yep that's why I say it's just talk. Whoever said that didn't think very much because it's not possible even.
legendary
Activity: 1148
Merit: 1048
December 23, 2017, 07:11:12 AM
#7
IRS contracted to use Chainalysis software for nabbing Tax evaders if they don't pay their fairshare to tax payers fund. Any idea on Chainalaysis tool? Any links for IRS guidelines for filing taxes in US?


You can find the guidance, its all over the forum and the interwebz. I want to address CA.

Chainanalysis was designed to trace illicit transactions. given that the average bitcoin user will do far less that the average criminal to obscure an address, essentially this is a smoking gun. using your known exchange address as a starting point (somewhere that you underwent KYC/AML), the tool should allow folks to walk back up the chain through the series of wallet interactions (people tend not to send money to random folks Wink )

use the dark coins. but assume everything you have done on a blockchain up to this point is discoverable, and use dark coins in the future if you want to avoid this tracking.
legendary
Activity: 2114
Merit: 1293
There is trouble abrewing
December 21, 2017, 02:25:06 AM
#6
IRS contracted to use Chainalysis software for nabbing Tax evaders if they don't pay their fairshare to tax payers fund. Any idea on Chainalaysis tool? Any links for IRS guidelines for filing taxes in US?

there are no reliable chain analysis techniques or software that anyone can use to prove anything. that is how bitcoin is designed.

besides the cost of using something like that and then cost of proving anything is a lot more than simply contacting exchanges like Coinbase and asking them to release their customer information to IRS

.... wait a minute IRS and Coinbase are already doing that Cheesy
member
Activity: 87
Merit: 10
December 21, 2017, 01:26:07 AM
#5
According to article 1, in taxation, software applications are divided into 2 categories: general applications and special applications. A common application program is a program that can be used by common users to process various jobs with a computer. A special application program is a program designed specifically for the automation of certain administrative systems, jobs or business activities, such as in banking, capital markets, hotels, hospitals or aviation. In this case I think the accounting application program, is a special application program category.
newbie
Activity: 252
Merit: 0
December 21, 2017, 12:56:37 AM
#4
Now Nasdaq is listing BITCOIN FUTURE so USA govt is more advance looking Bitcoin as future currency so IRS need to find new ways to collect tax
legendary
Activity: 3514
Merit: 1963
Leading Crypto Sports Betting & Casino Platform
December 21, 2017, 12:51:22 AM
#3
Bitcoin is defined as a commodity in the USA, so I would say that Capital Gain tax must be paid on the profit that are made with the trades on exchanges. The moment when fiat currency conversion is done, people will be liable to pay taxes on those transactions.

If you earn bitcoins and you store it on paper wallets and you have not cashed out, then no gain was received.
sr. member
Activity: 560
Merit: 260
December 21, 2017, 12:32:07 AM
#2
I think it'll be about as effective as alcohol prohibition laws of the early 20th century. 
member
Activity: 98
Merit: 10
December 21, 2017, 12:02:00 AM
#1
IRS contracted to use Chainalysis software for nabbing Tax evaders if they don't pay their fairshare to tax payers fund. Any idea on Chainalaysis tool? Any links for IRS guidelines for filing taxes in US?
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