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Author Topic: [2017-04-01] Crypto and the IRS  (Read 176 times)
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April 02, 2017, 12:49:10 AM

For me it would be really hard for any government body to tax cryptocoin or cryptocurrency trades or transactions. The question whether they are a currency or a commodity should be first answered before they can proceed in making tax laws for them.

Then there is also the advent of decentralized exchanges coming and it will be more popular in maybe 5 years. How will the government tax cryptocoins now?

There is also mention of Node40, an accounting software for all your crypto needs. If you are in the US, that could be quite useful just to be ready in case the IRS is right on your tail.

Before probing as to why both Crypto and the IRS should not be quite taxing, it is more convenient to understand what they are. Crypto is short for cryptocurrency, which is a digital medium of currency. This was introduced to control fund transfer and sovereign function of any central bank.

Many financiers believe that the crypto will most probably be the money of the future. Of course they are right, as crypto has become a convenient option in most global transactions. Convenience aside, cryptocurrency is yet to be understood among the circles in governments, banks and many other financial institutes. However the same institutes are engaged in carrying out extensive research of the crypto, especially how it could be used to make modern financial transactions more convenient and safer.

The IRS, which is an acronym of the Internal Revenue Service, is known as the revenue service of the federal government of the United States. This comes under the purview of the Department of the Treasury. The main work role of the IRS is collecting taxes. It was formulated at first to estimate the income tax of the nation.

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