TL;DR
-
There’s a new tax code in the US that says anyone engaged in a trade or business, who receives more than $10,000 in cash (or digital currency), needs to report that income, along with the name/social security number of who sent it, within 15 days.
-
These new tax codes seem flawed when applied to many digital currency transactions, as these exchanges of value are performed on decentralized networks, where the identity of the sender is often unknown – and sometimes non-existent.
-
It’s not clear whether the IRS is planning to use this tax code to go after crypto investors and request they provide impossible-to-obtain sender information, or if it’s just a bi-product of updated tax code that won’t be given much attention as far as enforcement goes.
Full Story
Today we’re talking about tax law.
Which is boring at best, and scary at worst…
So to keep things engaging, we’re going to pepper exciting tid-bits of crypto related information throughout this article.
Tax law: there’s a new tax code in the US that says anyone engaged in a trade or business, who receives more than $10,000 in cash (or digital currency), needs to report that income, along with the name/social security number of who sent it, within 15 days.
…and ah, those who fail to comply may be guilty of felony offenses.
Fun tid-bit: As we’ve been writing this, Bitcoin just reached $46k – a level we haven’t seen since late 2021!
Tax law: Ok, so these new tax codes seem flawed when applied to many digital currency transactions, as these exchanges of value are performed on decentralized networks, where the identity of the sender is often unknown – and sometimes non-existent.
E.g. Mining a group of Bitcoin transactions will currently earn you ~$290k worth of BTC.
…but that Bitcoin reward won’t be sent to you by a person, but a computer protocol (aka a piece of software that exists only in cyber space).
There’s no name or social security number to be provided.
Fun tid-bit: Ok, wow. This thing is really on a run. Bitcoin is now hovering around $46.8k, threatening to break $47k.
Tax law: Here’s what we’ve gleamed from people smarter than us…
These laws are intended to protect against money laundering through large cash-only purchases.
E.g. If you buy a BMW in cash, the IRS wants the dealership to be legally required (under threat of felony charges) to report those earnings ASAP.
This piece of tax code has existed for a good while, but only stipulated for cash, until Jan. 01 2024, when digital currencies were added.
Point being that this isn’t so much a new piece of crypto-focused tax code as it is an older anti-money laundering code that has now been updated to include crypto.
Long story longer…
It’s not clear whether the IRS is planning to use this tax code to go after crypto investors and request they provide impossible-to-obtain sender information, or if it’s just a bi-product of updated tax code that won’t be given much attention as far as enforcement goes.
¯\_(ツ)_/¯
Fun tid-bit: Holy moly, Bitcoin just cracked $47k!
how to get clomiphene without prescription order clomiphene without insurance buy generic clomiphene tablets clomid price uk clomiphene medication cost clomiphene medication effects cost cheap clomiphene without insurance
Thanks recompense sharing. It’s first quality.
This is the tolerant of delivery I unearth helpful.
azithromycin 250mg usa – order sumycin 250mg online flagyl without prescription
order domperidone 10mg sale – motilium oral cyclobenzaprine oral
order inderal 20mg generic – order inderal 10mg generic methotrexate 2.5mg drug
order augmentin without prescription – atbioinfo ampicillin pills
nexium capsules – https://anexamate.com/ purchase nexium sale
order coumadin 2mg online – anticoagulant losartan 50mg for sale
mobic cost – https://moboxsin.com/ order meloxicam 7.5mg generic
ed remedies – https://fastedtotake.com/ new ed pills
amoxil usa – combamoxi buy amoxil paypal
forcan pills – https://gpdifluca.com/# fluconazole price
buy cenforce tablets – cenforce 100mg cheap buy cenforce online
tadalafil professional review – ciltad gn where to get free samples of cialis
cialis store in philippines – on this site generic cialis 5mg
ranitidine 300mg oral – on this site zantac 150mg oral
viagra for men for sale – https://strongvpls.com/ cheap viagra no prescription canada
Greetings! Very gainful par‘nesis within this article! It’s the scarcely changes which choice obtain the largest changes. Thanks a quantity quest of sharing! https://gnolvade.com/
Greetings! Very useful recommendation within this article! It’s the crumb changes which liking espy the largest changes. Thanks a portion quest of sharing! https://ursxdol.com/provigil-gn-pill-cnt/
I am in point of fact happy to glance at this blog posts which consists of tons of profitable facts, thanks for providing such data. https://prohnrg.com/product/omeprazole-20-mg/
More peace pieces like this would insinuate the интернет better. https://aranitidine.com/fr/viagra-100mg-prix/