The IRS has a new tax form out and wants to know about your cryptocurrency

[hugeblack]

The IRS just released a new Schedule^[1] for the 2019 tax season, spelling out the details on above-the-line deductions.
Taxpayers will notice the following statement:

At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?

Which is an unclear question, meaning that you need to keep a record of all sales, purchases, or even postings to other wallets.

“For tax purposes, the virtual currency is treated as property, similar to a security,” she said. “Therefore, taxpayers should maintain cost records similar to the way records are kept for stocks and securities, although there will be no monthly statements.”

What is your opinion? I think you need some software such as Lumina and Bitcoin.Tax.

[1]

Read more and source ---> https://www.cnbc.com/2019/12/06/the-irs-has-a-new-tax-form-and-wants-to-know-about-your-cryptocurrency.html

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[squatter]

They must really want to know who's invested in cryptocurrency. Nearly half the population files this schedule, and the question is really far reaching. "Receiving", "sending" or "acquiring any financial interest" in cryptocurrency doesn't even necessarily incur tax liability so it's pretty screwed up that buy-and-holders need to answer "yes" to this question.

At least it's not a total surprise at this point. They published a revised draft a couple months ago that included this change.

[JaredKaragen]

read the IRS's own tax code.... seriously...  Remember:  it's a book by a private entity;  it is NOT a law or federal statute.

find near the beginning wher the term "voluntary compliance" comes up when it comes to obligations of paying the FIT.


Now think deeply about the word "voluntary";  
if it was "compulsory" you would have to pay it.... but that is assuming the below is not true: [please try and prove me wrong]

In all reality there are provisions for punishment of 'offenses' in the tax code itself;  

But there is no federal law or statute that requires you to obey the tax code; or describes punishment for not paying federal income tax.  

Full Stop.

[This is all being separate from corporate gains, which the 16th amendment covers clearly]

[squatter]

But there is no federal law or statute that requires you to obey the tax code; or describes punishment for not paying federal income tax.  

Full Stop.

That may be so. The important thing is that the IRS assessed 31 million civil penalties and got nearly 2,000 criminal convictions last year. 80% or more of convictions involve prison time.

I'm all for avoiding taxes, but I would be careful about it for that reason.

[JaredKaragen]

But there is no federal law or statute that requires you to obey the tax code; or describes punishment for not paying federal income tax.  

Full Stop.

That may be so. The important thing is that the IRS assessed 31 million civil penalties and got nearly 2,000 criminal convictions last year. 80% or more of convictions involve prison time.

I'm all for avoiding taxes, but I would be careful about it for that reason.

Oah I know....

But;  in a legal defense,  I have yet to hear a prosecutor cite or rebut anything substantial when asked in court if they could cite a proper law or statute that requires the defendant to obey the tax code.

There have been a few people that have had their cases dismissed only to be charged again and keep going through the same procedure, but most tend to take a plea deal to just end the process because of time, and money.   The IRS is very persistent to force cases to reach some sort of resolution that gives no precedence against them in this matter.

Look into: Vernice Kuglin,  She is one of many acquitted by a jury in this manner.   The above is the correct question to ask, as there is no answer to this date that conclusively provides such a law or statute.   Any rational jury would not be able to convict you of a crime that is not described by any federal law or statute.