The Internal Revenue Service (IRS) has put together a team of 10 investigators for international crime investigations as well as for finding tax evaders who use cryptocurrency. The IRS has faced hurdles this year trying to get access through a court order to user information on the crypto exchange Coinbase. Their original request for records of over 500,000 users was denied by courts and reduced to just 14,000 users that reportedly had high trading activity over $20,000, so to the users that that have Trading activity under $20,000 don’t have anything to worry about.. The IRS just want people to pay their taxes on the profits they make trading cryptocurrency.. So Don’t Forget to pay your Taxes!
Thanks For Reading...
@cryptodollar1
The only issue with this is, At what price to they determine the tax you owe. Is it the highest price the currency got to, what you cashed it in at, The lowest price and over what period. Do you pay tax on all your currency at the same time. With having more then one currency does you tax get paid on the currency which done well, and no consideration for the currency you lost on.
Which ever way this goes it will give advantage to Corporation and Financially secure institution, Through new law and legislation. In the end, If crypto is controlled by an external entity, such as a Government, Financial Institution or private entity, The cost will return to the tax payer and tax exemption for the company
I have not begun posting, but Steemit has a great tax writer - CryptoTax. If you begin reviewing his posts, I believe you will find he teaches the taxation of cryptocurrency in an easy to understand way.
Steemit writer Lpfaust is also excellent on the taxation of crypto.
I have only been on Steemit since about Dec. 14, 2017, and I have read a lot of argy bargy tax pieces by other "tax" writers. CryptoTax and LPFaust will set you straight. (If only they could also set us free Steemit brothers and sisters!)
Getting a bit technical here maybe, How does this effect people in other countries? Are we heading to a global tax revenue service?
If a person in another country had a tax obligation to the United States, then this new investigation team might uncover that in their work.
We are not heading to a global tax revenue service, but I believe we are seeing more cooperation among countries in sharing tax information, and forming tax treaties.
Yes you’re right but if I’m not mistaken, Cryptocurrency has its own tax obligation, and you can find this information easy about trading crypto currency
Taxation is theft. Paper wallet, usb stick in a Swiss vault, it is not hard to not disclose your cryptowealth.
Theft is immoral, even if it is the "law"...
You’re absolutely right my friend! Couldn’t have said it any better!
Woow amazing
Good fastastic l like
English, do you speak it?
good step they should find them soon and punished as there crime
What? 😒 molon labe
If you have trading activity under $20,000, you still may have something to worry about. Coinbase can issue a 1099-K for any amount, including amounts under $20k.
Coinbase is issuing 1099-Ks for tax year 2017. We do not have enough information yet to know if they are NOT reporting any accounts with activity under $20,000 for the year.