FATCA, Japan and MtGox

[prophetx]

i think they extended this deadline but...

https://tax.thomsonreuters.com/blog/onesource/japan-signs-fatca-implementation-agreement/

http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Statement-Japan-6-11-2013.pdf

 The participating Japanese financial institutions will request the U.S. taxpayer identification number of their U.S. account holders, and the consent of account holders for reporting. Annually, the financial institutions will report aggregate information about non-consenting U.S. account holders. Subsequent to receiving direct reports from the participating Japanese financial institutions, the U.S. may make group requests to the Japanese Ministry of Finance for information on recalcitrant account holders (non-consenting U.S. accounts and foreign reportable amounts paid to nonparticipating financial institutions that the reporting Japanese financial institution would have reported had it obtained customer consent).

[NewLiberty]

i think they extended this deadline but...

https://tax.thomsonreuters.com/blog/onesource/japan-signs-fatca-implementation-agreement/

http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Statement-Japan-6-11-2013.pdf

 The participating Japanese financial institutions will request the U.S. taxpayer identification number of their U.S. account holders, and the consent of account holders for reporting. Annually, the financial institutions will report aggregate information about non-consenting U.S. account holders. Subsequent to receiving direct reports from the participating Japanese financial institutions, the U.S. may make group requests to the Japanese Ministry of Finance for information on recalcitrant account holders (non-consenting U.S. accounts and foreign reportable amounts paid to nonparticipating financial institutions that the reporting Japanese financial institution would have reported had it obtained customer consent).

This is the prelude to FBAR enforcement.
http://bitcoinmagazine.com/5481/real-compliance-getting-your-way-by-giving-in/

All those MTGOX accounts held by US Taxpayers with >US$10K of "value" may have up to 50% of that value moved into the US Treasury department.  To add insult to injury, not being able to get that value out of MTGOX and having it keep going up until you are over the 10K means filing the FBAR is going to matter.

Perhaps the US wants to be the largest state holder of bitcoins?

[prophetx]

i think they extended this deadline but...

https://tax.thomsonreuters.com/blog/onesource/japan-signs-fatca-implementation-agreement/

http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Statement-Japan-6-11-2013.pdf

 The participating Japanese financial institutions will request the U.S. taxpayer identification number of their U.S. account holders, and the consent of account holders for reporting. Annually, the financial institutions will report aggregate information about non-consenting U.S. account holders. Subsequent to receiving direct reports from the participating Japanese financial institutions, the U.S. may make group requests to the Japanese Ministry of Finance for information on recalcitrant account holders (non-consenting U.S. accounts and foreign reportable amounts paid to nonparticipating financial institutions that the reporting Japanese financial institution would have reported had it obtained customer consent).

This is the prelude to FBAR enforcement.
http://bitcoinmagazine.com/5481/real-compliance-getting-your-way-by-giving-in/

All those MTGOX accounts held by US Taxpayers with >US$10K of "value" may have up to 50% of that value moved into the US Treasury department.  To add insult to injury, not being able to get that value out of MTGOX and having it keep going up until you are over the 10K means filing the FBAR is going to matter.

Perhaps the US wants to be the largest state holder of bitcoins?

Hah forgot about this part.

I do not think we have yet even see scale of the world of pain federal authorities may inflict on some miners and other US linked folks in the coming years. 

Just a hunch... better act appropriately

[shylok]

its crazy how governments still seek a way to make a decentralized people-level matter into official , government issue...

[prophetx]

its crazy how governments still seek a way to make a decentralized people-level matter into official , government issue...

indeed... but it's only to prove their usefulness...