Those people are just trying to make the past present.
Paying tax on Bcash would make sense if it were in the purview of the state, but it is not.
Those who write these articles are just desperate to write about anything, especially if it's BS. They don't see the future in the least. The future cannot be the same as the past, and be new. Crypto's cannot fall under the same tax as the past of it will cripple the United States. I suggest giving my website a read...
Topic: IRS Now Has a Tool to Unmask Bitcoin Tax Cheats (Read 1188 times)
If the IRS really wanted to go after all bitcoin holders, the split of bitcoin might have given them a way. Some experts argue that we have to pay taxes on Bitcoin Cash, even if we haven't sold these coins.
https://www.forbes.com/sites/greatspeculations/2017/08/04/how-to-report-bitcoin-cash-and-avoid-irs-trouble/
http://www.foxbusiness.com/features/2017/08/25/no-one-knows-how-much-to-pay-in-bitcoin-cash-taxes.html
The IRS, of course, hasn't given any guidance.
https://www.forbes.com/sites/greatspeculations/2017/08/04/how-to-report-bitcoin-cash-and-avoid-irs-trouble/
http://www.foxbusiness.com/features/2017/08/25/no-one-knows-how-much-to-pay-in-bitcoin-cash-taxes.html
The IRS, of course, hasn't given any guidance.
They're not going anywhere with this. It's only a prevention tool that was developed to make people scared and start thinking about paying their crypto taxes.
I wonder why they're so interested in BTC but not altcoins. I'm pretty sure that if bitcoiners aren't paying their taxes altcoiners aren't doing it either.
Also, I'd like to see the IRS sweat while deciding the point at which ownership of a coin changes. Does this address still belong to this guy or maybe it's another one? Was there an exchange or is he sending money to himself?
I wonder why they're so interested in BTC but not altcoins. I'm pretty sure that if bitcoiners aren't paying their taxes altcoiners aren't doing it either.
Also, I'd like to see the IRS sweat while deciding the point at which ownership of a coin changes. Does this address still belong to this guy or maybe it's another one? Was there an exchange or is he sending money to himself?
I don't think this is a prevention tactic. The hiring of Chainalysis was done a couple of years back and hasn't been publicised. If they wanted to scare the public into compliance, they would be issuing press releases on these kind of deals.
Give this man a cookie.
Exactly. If they wanted to scare folks into compliance, they would use the same modus that they have been using this whole time; issuing a public statement like the recent SEC guidances, or Session's comments about dark markets. It is not a coincidence that the IRS issued that monolithic subpoena for all that user data on Coinbase; and trust and believe that any criminal activity that is uncovered in the course of a tax evasion investigation would be referred to the proper law enforcement agency. I kinda believe they have access to the same software, but even if they didnt, they could ask the IRS to submit its evidence, which would pretty much be the same thing as them accessing it themselves. This has been in effect for a while, and they are obviously onto something bigger and better if this was kept quiet all this time, and is now being revealed for absolutely no reason
Not surprising, they already own and control the major exchanges and major web wallets, they already operating thousands of full nodes. besides whatever you do you'd still need to cash out, when you do that you go on the record. one thing though USA is not the only government on earth to be worried about tax "cheats" there are more important things to be worried about than taxation like terrorism and mafia but I guess they value money above all else.
They're not going anywhere with this. It's only a prevention tool that was developed to make people scared and start thinking about paying their crypto taxes.
I wonder why they're so interested in BTC but not altcoins. I'm pretty sure that if bitcoiners aren't paying their taxes altcoiners aren't doing it either.
Also, I'd like to see the IRS sweat while deciding the point at which ownership of a coin changes. Does this address still belong to this guy or maybe it's another one? Was there an exchange or is he sending money to himself?
I wonder why they're so interested in BTC but not altcoins. I'm pretty sure that if bitcoiners aren't paying their taxes altcoiners aren't doing it either.
Also, I'd like to see the IRS sweat while deciding the point at which ownership of a coin changes. Does this address still belong to this guy or maybe it's another one? Was there an exchange or is he sending money to himself?
I don't think this is a prevention tactic. The hiring of Chainalysis was done a couple of years back and hasn't been publicised. If they wanted to scare the public into compliance, they would be issuing press releases on these kind of deals.
I would really want to understand how they intend to pull this off because not all exchange sites are are residence in the US and for an exchange site located in Bolivia will now accept their subpoena which by law is not even binding on them. Aside that, with the abundance of VPNs all over, there is hardly a way I want to see them achieving it and the cost of chasing after few dollars of someone who tries to sell below $1000.
IRS Now Has a Tool to Unmask Bitcoin Tax Cheats: http://www.thedailybeast.com/irs-now-has-a-tool-to-unmask-bitcoin-tax-cheats
...Chainalysis, a startup offering its “Reactor” tool to visualize, track, and analyze bitcoin transactions. Chainalysis’ users include law enforcement agencies, banks, and regulatory entities.
The software can follow bitcoin as it moves from one wallet to another, and eventually to an exchange where the bitcoin user will likely cash out into dollars or another currency. This is the point law enforcement could issue a subpoena to the exchange and figure out who is really behind the bitcoin.
...Chainalysis, a startup offering its “Reactor” tool to visualize, track, and analyze bitcoin transactions. Chainalysis’ users include law enforcement agencies, banks, and regulatory entities.
The software can follow bitcoin as it moves from one wallet to another, and eventually to an exchange where the bitcoin user will likely cash out into dollars or another currency. This is the point law enforcement could issue a subpoena to the exchange and figure out who is really behind the bitcoin.
I must admit that this is something I never see coming but government can to a large extent in other to implement an action and even force it but where the issue is, how would they know that the bitcoin address belongs to a US citizen because after they must have traced the bitcoin to the site and issue a subpoena then realise that it belongs to someone in far East Asia. Aside that, what if the exchange site does not have a location in the US or host its facility in the US how does it work?
They're not going anywhere with this. It's only a prevention tool that was developed to make people scared and start thinking about paying their crypto taxes.
I wonder why they're so interested in BTC but not altcoins. I'm pretty sure that if bitcoiners aren't paying their taxes altcoiners aren't doing it either.
Also, I'd like to see the IRS sweat while deciding the point at which ownership of a coin changes. Does this address still belong to this guy or maybe it's another one? Was there an exchange or is he sending money to himself?
I wonder why they're so interested in BTC but not altcoins. I'm pretty sure that if bitcoiners aren't paying their taxes altcoiners aren't doing it either.
Also, I'd like to see the IRS sweat while deciding the point at which ownership of a coin changes. Does this address still belong to this guy or maybe it's another one? Was there an exchange or is he sending money to himself?
Glad you see the end game. They basically are phishing for voluntary surrender of assets.
The IRS is just afraid because they don't understand. If you read my tax article I write this in it, which nullifies most of the fears if you think about it.
"If the coffee shop doesn't pay taxes when collection cryptos during sales, it's no different than with fiat. They can been audited and actions taken against them for tax evasion. The sales record exist and is immutable on cryptos so it's actually harder to cheat taxes in this case compared to fiat cash."
They're not going anywhere with this. It's only a prevention tool that was developed to make people scared and start thinking about paying their crypto taxes.
I wonder why they're so interested in BTC but not altcoins. I'm pretty sure that if bitcoiners aren't paying their taxes altcoiners aren't doing it either.
Also, I'd like to see the IRS sweat while deciding the point at which ownership of a coin changes. Does this address still belong to this guy or maybe it's another one? Was there an exchange or is he sending money to himself?
I wonder why they're so interested in BTC but not altcoins. I'm pretty sure that if bitcoiners aren't paying their taxes altcoiners aren't doing it either.
Also, I'd like to see the IRS sweat while deciding the point at which ownership of a coin changes. Does this address still belong to this guy or maybe it's another one? Was there an exchange or is he sending money to himself?
We all knew it was coming. Different agencies have already been doing just that.
Luckily they don't really have a way to tie you to it. And furthermore they have no purview to tax you. The problem is how much is understood by the IRS. The problem is if politicians let the IRS destroy cryptocurrencies in the US. At least for legal citizens.
Honestly here's the real issue... People not reporting income in fiat, and converting it all to Bitcoin. The people ALREADY EVADING TAXES are the problem they are after more than anything, surely. At least that should be the case. It's very important that the crypto-community makes this distinction.
As you may have noticed they can only bugger people on exchanges, so it's not like everyone has to be running in fear that is hodling in cold wallets.
Luckily they don't really have a way to tie you to it. And furthermore they have no purview to tax you. The problem is how much is understood by the IRS. The problem is if politicians let the IRS destroy cryptocurrencies in the US. At least for legal citizens.
Honestly here's the real issue... People not reporting income in fiat, and converting it all to Bitcoin. The people ALREADY EVADING TAXES are the problem they are after more than anything, surely. At least that should be the case. It's very important that the crypto-community makes this distinction.
As you may have noticed they can only bugger people on exchanges, so it's not like everyone has to be running in fear that is hodling in cold wallets.
Well I am assuming they do have a way to tying this to most people nowadays since they have to verify their accounts for KYC/AML reasons on most exchanges, otherwise they will be limited to tiny withdrawal limits.
We all knew it was coming. Different agencies have already been doing just that.
Luckily they don't really have a way to tie you to it. And furthermore they have no purview to tax you. The problem is how much is understood by the IRS. The problem is if politicians let the IRS destroy cryptocurrencies in the US. At least for legal citizens.
Honestly here's the real issue... People not reporting income in fiat, and converting it all to Bitcoin. The people ALREADY EVADING TAXES are the problem they are after more than anything, surely. At least that should be the case. It's very important that the crypto-community makes this distinction.
As you may have noticed they can only bugger people on exchanges, so it's not like everyone has to be running in fear that is hodling in cold wallets.
Luckily they don't really have a way to tie you to it. And furthermore they have no purview to tax you. The problem is how much is understood by the IRS. The problem is if politicians let the IRS destroy cryptocurrencies in the US. At least for legal citizens.
Honestly here's the real issue... People not reporting income in fiat, and converting it all to Bitcoin. The people ALREADY EVADING TAXES are the problem they are after more than anything, surely. At least that should be the case. It's very important that the crypto-community makes this distinction.
As you may have noticed they can only bugger people on exchanges, so it's not like everyone has to be running in fear that is hodling in cold wallets.
I love how they are already this desperate to track and monitor BTC.. what are they doing for their worthless and untraceable fiat? Drugs, blackmarket deals, anything you can imagine can be done with fiat easily and it fuels all these deals. Mexican drug cartels with warehouses full of USD (and dead bodies) but we are putting on efforts on tracing BTC for those god awful tax cheats. 
I hope to have plenty of BTC in my wallet soon so I can move to a country NOT obsessed with monitoring my every movement and draining every milibitcoin they can from me.
I hope to have plenty of BTC in my wallet soon so I can move to a country NOT obsessed with monitoring my every movement and draining every milibitcoin they can from me.
IRS Now Has a Tool to Unmask Bitcoin Tax Cheats: http://www.thedailybeast.com/irs-now-has-a-tool-to-unmask-bitcoin-tax-cheats
...Chainalysis, a startup offering its “Reactor” tool to visualize, track, and analyze bitcoin transactions. Chainalysis’ users include law enforcement agencies, banks, and regulatory entities.
The software can follow bitcoin as it moves from one wallet to another, and eventually to an exchange where the bitcoin user will likely cash out into dollars or another currency. This is the point law enforcement could issue a subpoena to the exchange and figure out who is really behind the bitcoin.
...Chainalysis, a startup offering its “Reactor” tool to visualize, track, and analyze bitcoin transactions. Chainalysis’ users include law enforcement agencies, banks, and regulatory entities.
The software can follow bitcoin as it moves from one wallet to another, and eventually to an exchange where the bitcoin user will likely cash out into dollars or another currency. This is the point law enforcement could issue a subpoena to the exchange and figure out who is really behind the bitcoin.
IRS can suck my dong,seriously
how about them tracing bitcoin wallets to a mixer and then to an anonymous altcoin?
also this control thing is already going too far,bitcoin is designed as a pseudoanonymous,decentralised cryptocurrency
not yet another bank,serving the mafia of the goverments
IRS Now Has a Tool to Unmask Bitcoin Tax Cheats: http://www.thedailybeast.com/irs-now-has-a-tool-to-unmask-bitcoin-tax-cheats
...Chainalysis, a startup offering its “Reactor” tool to visualize, track, and analyze bitcoin transactions. Chainalysis’ users include law enforcement agencies, banks, and regulatory entities.
The software can follow bitcoin as it moves from one wallet to another, and eventually to an exchange where the bitcoin user will likely cash out into dollars or another currency. This is the point law enforcement could issue a subpoena to the exchange and figure out who is really behind the bitcoin.
...Chainalysis, a startup offering its “Reactor” tool to visualize, track, and analyze bitcoin transactions. Chainalysis’ users include law enforcement agencies, banks, and regulatory entities.
The software can follow bitcoin as it moves from one wallet to another, and eventually to an exchange where the bitcoin user will likely cash out into dollars or another currency. This is the point law enforcement could issue a subpoena to the exchange and figure out who is really behind the bitcoin.
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