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Title: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: elsniper on July 29, 2019, 10:02:55 PM On July 26, the U.S. Internal Revenue Service (IRS) announced that the tax agency has started sending letters to American cryptocurrency owners advising them to pay their taxes. According to the organization, three types of letters will be sent to more than 10,000 taxpayers by the end of August. The news follows the recent IRS taskforce slide that shows alarming recommendations on how tax agents should investigate digital currency users.
https://news.bitcoin.com/10000-american-cryptocurrency-owners-will-receive-warning-letters-from-the-irs/ Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Broly46 on July 30, 2019, 02:42:44 AM Taxing bitcoin sound perfectly legit to me, but taxing shitcoin? I think they got a lot of paperwork to do, will IRS accept crypto to be part of the tax payment? We can tossing thousands of shitcoin to them with just a click of button.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Leonardo7 on July 30, 2019, 04:58:15 AM That is okay with the Americans, pay your tax to enjoy more infrastructural development lols. In my country, I doubt any of my friends pay Cryptocurrency tax, I don't pay either because no one knows if I am into crypto. The business of the government is taxing the people to hell. I may soon shut down my shop because of double taxation and face only crypto.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: asayoyaasa on July 30, 2019, 05:48:02 AM Dealing with regular tax is hard enough for me. Cause you know not all of us get taught about it in school. I'm not US citizen anyway, in my country bitcoin nor legal or illegal, feel free to use it you won't get taxed by it but any loss or damage will never be a government problem.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Kakmakr on July 30, 2019, 06:07:31 AM Why wait until the IRS knocks on your door? You know you have to pay taxes on all income you receive and all profit that you make, so just pay the damn taxes and be done with it. ::) I know some people will try to use the "I did not know" card, but if you really did not know, did you contact them to ask them?
The first thing I did when I had to file my tax papers, was to phone them and to ask for advice. This was put on record, so they cannot say that I did nothing and just wanted to avoid paying taxes. They gave me guidance and I paid the capital gains taxes that I owed them and now I sleep like a baby at night. ;) Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: 7788bitcoin on July 30, 2019, 07:20:18 AM Dealing with regular tax is hard enough for me. Cause you know not all of us get taught about it in school. I'm not US citizen anyway, in my country bitcoin nor legal or illegal, feel free to use it you won't get taxed by it but any loss or damage will never be a government problem. You really do not need to learn everything about tax is school, all you need is to approach a legal chartered accountant and he will help you with the tax puzzle and all you need is to provide your financial details and he will do the work for you, that is how things are done in a civilized world :P. Even if there is no regulation regarding bitcoin in your country it comes under income from other sources and you have to pay your tax to be on the right side of the law.Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Red-Apple on July 30, 2019, 09:34:36 AM only 10000? i would have thought there were a lot more. either all Americans turned into tax payers without evading anything or IRS seems to be missing a lot. specially with all these services such as Coinbase reporting every single move of their customers to the IRS already.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: avikz on July 30, 2019, 10:19:06 AM Dude, there re a lot of discussions on this topic already. Don't just say that discussions are ongoing. Instead post links to those discussions! That is okay with the Americans, pay your tax to enjoy more infrastructural development lols. In my country, I doubt any of my friends pay Cryptocurrency tax, I don't pay either because no one knows if I am into crypto. The business of the government is taxing the people to hell. I may soon shut down my shop because of double taxation and face only crypto. There's nothing to feel proud about it! Every responsible citizen pay taxes and don't run away from it. In my country, the legal status of cryptocurrency is unknown as government is yet to come up with a regulatory framework. That didn't stop me from paying my taxes diligently. I added my crypto incomes with my salary income and paid the taxes accordingly. If you pay your taxes correctly, at least you will have some upper hand when the income tax authorities will come to knock your doors. Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: eternalgloom on July 30, 2019, 11:20:10 AM Taxing bitcoin sound perfectly legit to me, but taxing shitcoin? I think they got a lot of paperwork to do, will IRS accept crypto to be part of the tax payment? We can tossing thousands of shitcoin to them with just a click of button. What's the difference for the IRS? If someone's making money of off it, they're going to tax it, that's just how it works. I hate paying taxes as much as the next guy, but on some level I do think it's needed to pay taxes, given that society needs them in order to function. Now, what I do not agree with is what those taxes are spent on, but seems like the different parties in our government seem to think otherwise :P Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Broly46 on July 30, 2019, 04:38:38 PM What's the difference for the IRS? If someone's making money of off it, they're going to tax it, that's just how it works. I hate paying taxes as much as the next guy, but on some level I do think it's needed to pay taxes, given that society needs them in order to function. Now, what I do not agree with is what those taxes are spent on, but seems like the different parties in our government seem to think otherwise :P Yeah everyone should pay their taxes, I think most civilized countries are extremely good at avoiding taxes, that’s also why their taxes rate are among the highest, a 25% taxes for a commodity? I never paid tax as high as 25%, I think it is a robbery.😁 Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: duglin on July 30, 2019, 07:36:19 PM Ok I'll pay taxes if they'll allow me to trade in this market normally. Trading normally includes not banning Binance for US citizens.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Zionatin on July 30, 2019, 08:00:24 PM True crypto users don't need to pay much tax since they do not "cash out" their coins for fiat, thus no tax to pay and the beauty of bitcoin. The IRS sound like thugs coming to get their "protection" money.
Love how they act like paying tax is the most important thing ever and moral bound, when you see how they waste it. If it wasn't about money noone would care. It has nothing to do with morals. Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: creeps on July 30, 2019, 09:44:01 PM Ok I'll pay taxes if they'll allow me to trade in this market normally. Trading normally includes not banning Binance for US citizens. Its the decision of Binance and not the US government, so you still need to pay taxes. So many cryptousers are being watched by the US government and maybe this is the reason for them to tally at least a 10,000 crypto users who are not paying taxes. Just pay the tax correctly, and you’ll be safe using your cryptocurrency.Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Broly46 on July 31, 2019, 05:34:47 AM True crypto users don't need to pay much tax since they do not "cash out" their coins for fiat, thus no tax to pay and the beauty of bitcoin. The IRS sound like thugs coming to get their "protection" money. Love how they act like paying tax is the most important thing ever and moral bound, when you see how they waste it. If it wasn't about money noone would care. It has nothing to do with morals. The FED can print 99.9% of the money supply while peasant like you and me earn the 0.1% of money supply, and IRS will perversely coming to you and tax as high as 50% out of that 0.1% money supply that peasant have, https://tradingeconomics.com/united-states/money-supply-m0 such is the real life, welcome to the real world where everything is so twisted the poor will be heavily punished for being poor, and where first world countries has highest homeless populations, and don’t look at other people, I’m talking it to you, and yeah it is you the peasant I’m taking.😁 Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: kryptqnick on July 31, 2019, 03:12:51 PM On July 26, the U.S. Internal Revenue Service (IRS) announced that the tax agency has started sending letters to American cryptocurrency owners advising them to pay their taxes. According to the organization, three types of letters will be sent to more than 10,000 taxpayers by the end of August. The news follows the recent IRS taskforce slide that shows alarming recommendations on how tax agents should investigate digital currency users. I think it makes sense that the government wants to receive the taxes, and Bitcoin is not a property and is unfairly treated as such. I also wonder that the letters are only sent to around 10k people in the US whereas there are clearly way more crypto users there. I think it would only be fair to start with those who profit most from their crypto-related activities. In my country, I was thinking about paying taxes, but there's no legislation and in fact, it would be hard to pay them and it might draw unwanted attention to me. And my revenue is modest, I don't think the taxes should even be applicable in such cases.https://news.bitcoin.com/10000-american-cryptocurrency-owners-will-receive-warning-letters-from-the-irs/ Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: DdmrDdmr on July 31, 2019, 04:41:26 PM The number of recipients seems pretty small so far. In Spain, this year’s tax campaign had the additional bonus of a pop-up message for 14.700 tax payers using the official software, stating that the tax agency (Hacienda) knew of their involvement in crypto, and indicating that tax must be paid for the derived benefits (somewhere in the 19% to 23% area). Lots of grey area still to be made clear on the taxation front, but the pop-up has been rather much a shocker.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: coin-investor on July 31, 2019, 04:55:37 PM I'm not from America, but I'm surprised at the number, these are, those documented, but the number should be higher the Americans has a lot of investors and traders, maybe some Americans knew that this is forthcoming and so they do not want to be documented and instead prefer to trade on Decentralized exchange and avoid being traced.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: oleg681010 on July 31, 2019, 05:05:25 PM How will they determine how many fees I need to pay? I will pay only for those crypto which I have now? Or for all the transactions?
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: krb91 on July 31, 2019, 05:39:04 PM If the IRS is asking cryptocurrency holders to pay taxes in holdings, then it should be willing to accept it as a legal means of exchange or as an asset. I still think its a step towards accepting cryptocurrency for whay it is-MONEY.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: rdluffy on July 31, 2019, 05:48:47 PM Here in Brazil we have to pay taxes over cryptos to, but it's insane because their own rules are so confusing and impossible to understand
I hope in US the government is better at explaining exactly how to pay the taxes It's almost impossible to track everything in my opinion Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Thirdspace on July 31, 2019, 06:35:16 PM If the IRS is asking cryptocurrency holders to pay taxes in holdings, then it should be willing to accept it as a legal means of exchange or as an asset. I still think its a step towards accepting cryptocurrency for whay it is-MONEY. they treat bitcoin as convertible virtual currency, not real currency or legal tender they do not acknowledge bitcoin as real money because it's not legal tender in any country so US citizens will pay a bitcoin tax based on the tax that applies to property transactions for details you can read Notice 2014-21 https://www.irs.gov/pub/irs-drop/n-14-21.pdf Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Gibreil on July 31, 2019, 11:11:36 PM Taxing bitcoin sound perfectly legit to me, but taxing shitcoin? I think they got a lot of paperwork to do, will IRS accept crypto to be part of the tax payment? We can tossing thousands of shitcoin to them with just a click of button. Wow! But I wish that the tax they will collect can be paid also by shitcoins that we are holding on. It is not good to have a tax in cryptocurrency because not all of the cryptos we hold are valuable enough to be paid in IRS. Though I am not an American citizen, I am also holding shitcoins. If ever the tax collection in crypto might happen, I will quit in this industry. Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: rodel caling on July 31, 2019, 11:55:59 PM Taxing bitcoin sound perfectly legit to me, but taxing shitcoin? I think they got a lot of paperwork to do, will IRS accept crypto to be part of the tax payment? We can tossing thousands of shitcoin to them with just a click of button. Your correct IRS collecting taxes from the bitcoin or crypto users is a sign to the US government bitcoin is possible to become legit. And to all the holder's and bitcoin users need to follow the law of the state to avoid troubles filling agaist them a criminal case. To be clarified shitcoinis include in the crypto currency so thats why IRS need to put an taxes all crypto related coins. Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: DaveF on August 01, 2019, 01:31:07 AM Has anyone gotten a letter? Or someone you know? I'm not talking friend of a friend, or I know someone who has. I'm talking actually holding the letter in your hand?
Because I am thinking that if you were not one of the 13k people who got notified by coinbase back in 2018 [ https://cointelegraph.com/news/how-not-to-panic-if-coinbase-is-turning-over-your-info-to-the-irs-expert-take (https://cointelegraph.com/news/how-not-to-panic-if-coinbase-is-turning-over-your-info-to-the-irs-expert-take) ] that they gave the IRS your information you are probably safe. -Dave Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Rinso on August 01, 2019, 01:54:34 AM right now they want bitcoin investor pay the taxes. next time are they really really banned it ? (let's hope it's not). if the US goverment hate bitcoin i think the taxes will very expensive and that is some of the way to tell US investor that they serious about they dont like bitcoin
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Muzika on August 01, 2019, 02:25:09 AM I am doubtful about only 10,000 American are using cryptocurrency, I guess they acquire the information thru their local service provider of cash out options but I am pretty much sure that it is not only 10k users. Well, there is no issue about how many of them are users of crypto but they should come up with the laws and proper taxation.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: bryant.coleman on August 01, 2019, 04:23:31 AM I have seen this news circulated in at least three of the sub-forums here and the aim seems to be to create FUD and panic among the investors. I had clarified the details earlier, but no one seems to be listening. At least the OP in this case refrained from twisting the facts and stated it clearly that only around 10,000 are going to receive the notices. However, in the press section someone had claimed that every single Bitcoin holder residing in the United States is going to get an IRS notice.
There are around 20 to 30 million Bitcoin users in the United States. Out of this, many millions have accounts with crypto-exchanges. Out of this number, some 10,000 are suspected to have evaded taxes exceeding a certain threshold. The notices were sent to these people. Now don't create panic here claiming that everyone holding BTC will receive a notice. Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: fiulpro on August 01, 2019, 06:31:34 AM But these are the warning letters regarding their savings , their investments in bitcoins.
It is something that is good to do since most people used to get away from taxes by investing in bitcoins therefore the government is just making sure that it is not misused in any way , I do think this is actually right to do. Other people holding bitcoins and the ones giving taxes on time don't have to think about it. Also it is not warning letters , it's more like asking them to follow the law and order. Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: pisquare on August 01, 2019, 06:42:07 AM Although the taxation seems to effect negatively on the price of BTC and other cryptos, taxation is a big step to legalization of crypto currencies and avoid risks of subponea which was a risk to face.I will not make any arguement if it is ethical to take taxes on cryptos or not.With the news of taxation on USA also cancelled out the interest cut of FED.In my opinion 3rd and 4th Q of 2019 are lost but I am very hopefull about 2020.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: DaveF on August 05, 2019, 09:09:40 PM But these are the warning letters regarding their savings , their investments in bitcoins. It is something that is good to do since most people used to get away from taxes by investing in bitcoins therefore the government is just making sure that it is not misused in any way , I do think this is actually right to do. Other people holding bitcoins and the ones giving taxes on time don't have to think about it. Also it is not warning letters , it's more like asking them to follow the law and order. No, has nothing to do with their savings. It has to do with profits from buying and selling. As of now, I have asked the same question in many of the threads that have been created about this and nobody can answer this 1 simple question: Back in 2018 when Coinbase supplied the IRS with 13k or so users who had trades that were at or above certain thresholds. They let all those people know that they gave their info to the IRS. Has ANYONE who has received one of IRS letters NOT BEEN part of the group who got the notification from Coinbase. If you have THAT is important information. Other than that it's just noise / FUD -Dave Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: squatter on August 05, 2019, 09:27:49 PM Has ANYONE who has received one of IRS letters NOT BEEN part of the group who got the notification from Coinbase. So far, I haven't seen a single case where someone received an IRS letter and wasn't part of the Coinbase summons. I'd take this report (https://bravenewcoin.com/insights/is-the-irs-crackdown-on-crypto-traders-a-sign-of-a-maturing-market) with a grain of salt, but it seems to confirm what we already suspect: Quote However, anecdotal evidence on social media suggests that the 10,000+ affected are the Coinbase users whose details were shared with the IRS after an IRS summons forced the exchange to hand over names, birth dates, taxpayer IDs, addresses, and transactions histories of approximately 13,000 customers in February 2018. A bitcoin investor who received a letter shared their experience talking to an IRS agent about the notices and was able to provide further insight into who the notices were sent to. Under the username “zipzapbloop”, the Coinbase user stated on Reddit: “I just got off the phone with a very kind IRS agent who explained much of what we've already gathered. If you got 6174 or 6174-A, then unless you have good reason to believe you didn't comply, then treat the letters as essentially informational. She stated that their resources are very limited and even said that the letters were sent to some 13,000 who had Coinbase accounts. Yes, she actually said "Coinbase accounts." Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: jake zyrus on August 05, 2019, 11:56:15 PM If they're going to ask those 10,000 Americans to pay for the tax, I think it's a one step forward for legalising cryptocurrency. Is it right or not? Because they're trying to regulate bitcoin by paying taxes.
But I'm curious on what's inside those letters. And why only 10,000. I bet more than that are using crypto. Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: DaveF on August 06, 2019, 02:14:42 AM If they're going to ask those 10,000 Americans to pay for the tax, I think it's a one step forward for legalising cryptocurrency. Is it right or not? Because they're trying to regulate bitcoin by paying taxes. Did you read what happened?But I'm curious on what's inside those letters. And why only 10,000. I bet more than that are using crypto. It looks like it's only 10K because Coinbase only gave them about 13k names. And that was kicking and screaming, with coinbases lawyers fighting it every step of the way. So out of 13k people some probably paid all the taxes and some were below some threshold for some reason. The rest got letters. -Dave Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: bryant.coleman on August 06, 2019, 03:13:59 AM If they're going to ask those 10,000 Americans to pay for the tax, I think it's a one step forward for legalising cryptocurrency. Is it right or not? Because they're trying to regulate bitcoin by paying taxes. But I'm curious on what's inside those letters. And why only 10,000. I bet more than that are using crypto. I think that they are after the low hanging fruit (those users who have undergone the KYC process with the exchanges and yet refuse to pay the taxes despite accruing god returns from the trade of cryptocurrency). In total, the number of cryptocurrency users in the United States may number in tens of millions. But the "big players" (i.e those who have a turnover of more than a million USD) may number just a few thousands. I guess the IRS is after these guys, and for now they are ignoring the small fish. It can also be interpreted as a scare tactic to intimidate the cryptocurrency users. Send notices to a few thousands and create panic and FUD in the market. That will compel most of the remaining users to pay their taxes honestly. For the IRS, going after the millions of users is not practical, as they need a lot of resources to trace all these quasi-anonymous transactions. Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: nicecrypto on August 06, 2019, 10:45:21 AM So how did they get hold of this data and know the number of people holding btc! yeah i get it, exchange snitches with their kyc plague have manage to centralized a supposedly decentralized space :-\ i thought crypto was supposed to make you anonymous ::) i guess that's no longer the case, thanks to binance and -co, seeing this makes me appreciate a bit my country who really do not for now care about imposing such laws on citizens.
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: RealMalatesta on August 08, 2019, 01:52:19 AM This is one of the reason why many people has been against these KYC requirement because this is the only means by which the government can really get that figure out, because if you look at companies from American into cryptocurrency known, they are just few of them that we know of, which means that we have other countries that claim they are decentralized but submitting our information to the government in an underground manner
If not, how would the government know that 10,000 crypto owners needs to pay tax which is one of the area that bitcoin has come to cover and stop the government from unnecessarily exploiting people, but as these exchanges are probably giving out our information to them, it is obvious that there is still lost to do in terms of decentralization. Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: RonF on August 08, 2019, 09:33:08 PM Pay your taxes - millions of people depend on you
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: tarrypig2199 on August 10, 2019, 11:25:10 PM Just curious, anyone who does NOT have Coinbase/Gdax/Gemini account received the letter?
Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: meanwords on August 11, 2019, 02:16:05 AM If they're going to ask those 10,000 Americans to pay for the tax, I think it's a one step forward for legalising cryptocurrency. Is it right or not? Because they're trying to regulate bitcoin by paying taxes. Did you read what happened?But I'm curious on what's inside those letters. And why only 10,000. I bet more than that are using crypto. It looks like it's only 10K because Coinbase only gave them about 13k names. And that was kicking and screaming, with coinbases lawyers fighting it every step of the way. So out of 13k people some probably paid all the taxes and some were below some threshold for some reason. The rest got letters. -Dave So the reason why those Americans are getting notified is because of tax evasion. I get why Bitcoin is getting taxed though. It's because Bitcoin is not treated as a currency in america as it is not issued by their bank so therefore it is treated as an asset as it holds value to the user. It's their own fault for using a centralized exchange and not paying the tax issued. But to be honest, It's easy to get out of there. Pay the taxes and move all of you asset to a decentralized exchange. That way you'll be able to say that you are out of business and IRS won't be able to monitor you. Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: Herbert2020 on August 11, 2019, 05:08:32 AM It's their own fault for using a centralized exchange and not paying the tax issued. But to be honest, It's easy to get out of there. Pay the taxes and move all of you asset to a decentralized exchange. That way you'll be able to say that you are out of business and IRS won't be able to monitor you. when you are trading you have to pay taxes. it is not about bitcoin, but trading in general when there is profit involved. and even if you are doing it off the exchanges you still have to pay taxes according to the law. if you are not fine with it then you have to change the law instead of evading it, that would mean doing something illegal and tax evasion can have dire consequences, Title: Re: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS Post by: angelo2 on August 11, 2019, 10:09:25 AM I heard these guys are not successfull in the court.
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